Health insurance is insurance against the risk of incurring medical expenses among individuals. By estimating the overall risk of health care and health system expenses, among a targeted group, an insurer can develop a routine finance structure, such as a monthly premium or payroll tax, to ensure that money is available to pay for the health care benefits specified in the insurance agreement. The benefit is administered by a central organization such as a government agency, private business, or not-for-profit entity. According to the Health Insurance Association of America, health insurance is defined 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”.
Health insurance is a way to help pay for health care expenses. Like car insurance or home insurance, you can choose from a variety of plans to meet your budget and health care needs.
Key Benefits of Health insurance
Nobody plans to have an accident or get sick
You never know when you’ll need care and the costs of care can be very high. Your health insurance may pay some of your medical costs.
It helps you stay healthy
Recommended preventive care services are covered at 100% in our Marketplace plans, helping you to avoid health issues, or detect them earlier.
You may get a tax credit to help pay your monthly insurance premium
In 2014, Marketplace applicants saved an average of $263 a month* with a tax credit.
You have to have it
Under the health reform law, almost everyone needs to have health insurance or pay a penalty.