Canva
August 1, 2022
FAA NOTAM System
January 11, 2023Health insurance is a type of insurance coverage that pays for medical and surgical expenses incurred by the insured. It is intended to protect individuals and families from high medical costs. Health insurance plans are typically offered by employers or purchased by individuals on their own. Some of the plans available are also provided by the government.
In general, when an individual enrolls in a health insurance plan, they pay a monthly premium to the insurance company. In exchange, the insurance company agrees to pay a portion of the individual's medical expenses when they receive care. The specific terms of a plan, such as which expenses are covered, what percentage of expenses will be covered by the plan, and how much the individual will have to pay out of pocket, depends on the plan they signed up for.
In most cases, when an individual needs to receive care, they first need to meet a deductible, which is a certain amount of money that the individual must pay out of pocket before the insurance starts paying for their expenses. After the deductible is met, the individual typically only pay a copay for some or all services.
Some plans also have an out-of-pocket maximum, which is the most that an individual will have to pay for covered expenses in a given year. Once an individual reaches their out-of-pocket maximum, the insurance company will pay for all covered expenses for the remainder of the year.
Health insurance plans also typically have a network of providers that they will cover. If an individual receives care from a provider outside of their network, they will usually have to pay more out of pocket.
