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What is Health Insurance?

Health insurance or medical insurance most basically is a way to help pay for the expenses you incur for your healthcare. These are expenses like, doctor visits, hospital stays, prescription medications or even surgeries. Most policies are offered either through your employer or through the ACA Marketplace, also known as Obamacare.

How Does It Work?

There is no getting around the fact that health insurance can be complicated. A simple way to understand it is to think of it like paying a small amount monthly to protect against uncertain, but potentially very expensive, costs in the future. So that monthly payment, also known as a premium, buys you certain benefits, such as:

• Provide free annual physicals and screenings,
• Protect you from the risk of a huge medical expense that you cannot afford by establishing a “ceiling” beyond which the insurance company pays the remainder
• Have the insurance company pay some of your ordinary medical expenses

You’ve probably heard of medical insurance plans offering wellness programs in which you can earn rewards for completing certain healthy behaviors. Insurers try to encourage their members to make healthy choices so that they end up getting sick less often.

If you are 65 years of age or older, you are eligible for Medicare instead.