Health Insurance

Health care is one of the biggest expenses that most people face. In fact, the cost of health care is the number one reason why Americans struggle financially. This is why health insurance is such a big deal.

Health Insurance Explained

Health insurance helps people pay for the cost of medical care. It reduces the cost by sharing the expense with the patient. This insurance can be expensive unless it’s a part of a job benefits package.

Who Needs Coverage?

Everyone, young and old, should have health insurance. The only possible exception is if you have a government plan, such as Medicare or Medicaid. Illness or injury can happen to anyone of any age. It takes awhile for a health insurance policy to become active, so don’t wait until the last minute.

The Details

You’ll have to pay a deductible. This is the amount you pay before the insurance company shoulders some of the expense. The insurer will usually pay a percentage of the remaining medical bill after you’ve paid your portion. A common percentage is 80 percent. Additionally, insurance companies will generally work out rate agreements with medical providers to cut the cost of the services they provide.

Types of Policies

Policies such as Medicare and Medicaid are provided by the government. These policies are generally for the elderly, low-income families, and children. If you have private insurance, then you can get a higher premium policy and get a lower deductible. Deductibles have risen, but people who hold policies with deductibles above $1,000 might prefer a Health Savings Account.


Health insurance is necessary for most people. The benefit of having help with medical expenses is too good to ignore.


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