What is Health Insurance?

Answer:

Health insurance is the type of insurance that

pays your medical expenses when you’re sick or injured. Due to the high cost of medical care in the United States, some form of health insurance is crucial.

Most Americans have healthcare coverage through their employer. This is called Group Health Insurance. An employer will pay a portion of the insurance premium for the employee and possibly the employee’s family. This can leave a comparatively small insurance liability to the employee.

Individual health insurance is often purchased as well. This is purchased outside of the employment arrangement and it can be expensive as a result.

Health insurance covers hospital stays, doctor visits, inpatient and outpatient procedures, and pharmacy expenses. It can also cover durable medical equipment like wheelchairs and crutches. Ordinarily, you’ll have to meet your deductible before the insurance company will take care of the bills. Usually, coverage also comes with co-pay requirements for doctor and emergency room visits. You’ll have to pony up anywhere from $10-$100 when you visit your doctor or the emergency room for example.


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