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Introduction

It’s not always easy to understand how health insurance works, but it’s important to know the basics. This guide will help you figure out what kinds of coverage you need and how much it will cost.

What Is Health Insurance?

Health insurance is a type of insurance that covers the cost of medical expenses. It can be purchased by individuals, families and businesses.

Health insurance policies vary in scope and cost depending on the type of coverage you select. The most common types include:

  • Hospitalization coverage–covers hospital stays and related services such as surgeries, lab work, X-rays and prescriptions
  • Disability income protection (DI)–provides income if you’re unable to work due to injury or illness; some DI policies also cover long-term care costs (such as nursing home care) if you become disabled

Why Do You Need It?

Why do you need health insurance? It’s a question that many people ask themselves, and it’s not an easy one to answer. But the answer is simple: because without it, you could be in for some serious financial trouble if something goes wrong with your body or mind.

Health insurance helps pay for medical bills–and lots of them! If someone breaks their arm while skiing, they’ll probably need stitches and possibly surgery to fix it properly. Same goes if they get sick from eating bad seafood or drinking contaminated water while traveling abroad (or even just eating out at restaurants). The costs associated with these situations can add up quickly–and even become overwhelming if left unchecked over time–but having good coverage can help ease some of those burdens by limiting how much money comes out of pocket each month during treatment periods.

In addition to covering costs related to injuries sustained through accidents like car crashes or sports injuries, many plans also cover routine doctor visits so long as they’re pre-approved by providers beforehand; this includes yearly checkups where physicians look into everything from blood pressure levels down inside organs like kidneys/liver/pancreas etcetera which may otherwise go undetected before symptoms start showing up later down line due again another reason why getting regular checkups done every year is important!

How Do You Get It?

There are a few different ways to get health insurance. If you’re lucky enough to be employed by a company that provides group coverage, then this is likely how your family will get its coverage. If not, here are some other options:

  • Individual Market – The individual market includes those people who buy their own policies directly from an insurance company or through the Health Insurance Marketplace (also known as the “exchange”) set up by the Affordable Care Act (ACA). Some states have their own exchanges; others use Healthcare.gov.*
  • Government Programs – Medicaid and Medicare provide free or low-cost medical care for certain populations such as low-income children and seniors over 65 years old.*
  • Self-Employed Individuals – Not all self-employed individuals qualify for ACA subsidies when purchasing health insurance; however there are still options available like COBRA which can provide temporary continuation of benefits if needed until another plan is secured.*

Understanding the basics of health insurance can be confusing, but it’s important to know what you’re paying for.

Health insurance is a contract between you and your health insurance provider. You pay a monthly premium, and in return, you receive coverage for medical bills if you get sick or injured. You may also have to pay deductibles before your insurance kicks in.

Conclusion

If you are looking to understand the basics of health insurance, then this article is for you. We have covered all the information about why do you need it, how do you get it and what is it all about?

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