What is health insurance?
The Health Insurance Association of America defines health insurance as “coverage that provides for the payments of benefits as a result of sickness or injury. Includes insurance for losses from accident, medical expense, disability, or accidental death and dismemberment.”
Why should I have health insurance?
Like other insurances, health insurance protects you from high, unexpected costs. Additionally it allows you to access to healthcare more easily and cheaply.
What’s my portion?
- Premium: The amount you or your sponsor (e.g. your employer) pays to the health plan to purchase health coverage.
- Deductible: The amount that you must pay out-of-pocket before the health insurance company pays its share. For example, you might have to pay a $500 deductible per year, before any of their health care is covered by the health insurance company. It may take several doctor’s visits or prescription refills before you reach the deductible and the insurance company starts to pay for care. Furthermore, most policies do not apply co-pays for doctor’s visits or prescriptions against your deductible.
- Copayment: A fixed amount you’ll pay for a medical service after you’ve met your deductible. For example, after meeting your deductible you may pay $25 for a visit to the doctor’s office that would cost $150 if you didn’t have coverage. The health plan pays the rest..
- Coinsurance: Instead of, or in addition to, paying a fixed amount up front (a co-payment), the co-insurance is a percentage of the total cost that you may also pay. For instance, you may pay 20% of the cost of a $100 medical bill. So you would pay $20 and the health plan would pay the rest.
How do I choose one?
There are many health plans and insurance companies serving Americans. Find the best one for you and your family at FamilyCare.com.
- Check out if you can get Obamacare.
Starting November 1, you can apply, renew, or update Obamacare.
To do that, click your state at below.
Alternatively, you can type in your Zip Code at https://www.healthcare.gov/see-plans/
- Check out these top health insurance companies or agencies.