What is health insurance? How does it work?
In the United States, general health can be extremely expensive. For example, a doctor’s appointment could cost upwards of a few hundred dollars, and a hospital visit for a handful of days could rack up a bill in the thousands. Furthermore, if you are to get ill or suffer a life-changing accident, the cost of care could be exponential, creating further un-needed stressors.
This is where health insurance comes in, reducing the associated costs to much more reasonable amounts.
What is health insurance?
Health insurance is purchased from an insurance provider, where a company collects multiple payments from various enrollees who make similar payments. Essentially, if you require support with medical payments, the insurance company pays out a premium to cover the costs or part of the costs. Most of those enrolled in the program don’t get sick or require little to no medical support, therefore, leaving the money for those who need it most.
Although you’re paying year-round for health insurance, the cost of this is exponentially cheaper than footing the entire bill yourself in the event of an accident or required medical attention.
What do these plans cover?
Generally, what is included in these plans differs based on your provider. However, you can expect the majority of plans to include associated costs and benefits as follows:
- Emergency services
- Prescription drugs
- Laboratory testing
- Hospitalization
- Maternity costs
- Mental health and substance abuse treatment
- Outpatient care
- Vision care
- And more!
To view a full list of services, click here.
How much will this cost?
There are various costs associated with health care insurance. For example, you have the monthly or annual fees, out-of-pocket expenses, costs of accessing care, and other deductibles. These can quickly add up, so it’s essential to do your research beforehand.
It is difficult to estimate these costs. Therefore, it’s recommended to contact your insurance provider to gain a better understanding of what you’ll be paying, how often you’ll be paying it, and what support is available should you require medical care and attention.