There are numerous types of insurance available but let’s focus on Health Insurance in this article.
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What Is Health Insurance?
Health insurance can protect you from incurring medical bills that you cannot afford to pay out of pocket. In exchange for a premium, you enter into an agreement with an insurer to have them pay for some or all of your medical expenses.
According to the Centers for Disease Control and Prevention’s National Center for Health Statistics, only about 9.2% of the American population will be without health insurance in 2021. More than 60% obtained coverage through their employer or the private insurance marketplace, while the remainder was covered by government-subsidized programs such as Medicare and Medicaid, veterans’ benefits programs, and the federal marketplace known colloquially as Obamacare.
You have no reason to avoid an annual wellness visit or a doctor’s visit for a minor ailment if you have medical insurance. And you won’t be saddled with a hefty bill if you or a member of your family is involved in an accident or develops a chronic disease.
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If you’re on a shoestring budget, any policy is preferable to none. If you have a low income, you may be one of the 80 million Americans who qualify for Medicaid.
If your income is moderate but insufficient to cover the cost of insurance, you may be eligible for subsidized coverage under the federal Affordable Care Act.
Participating in your employer’s insurance program, if your employer has one, is usually the best and least expensive option for salaried employees. According to Kaiser Family Foundation research, the average annual premium cost to an employee in an employer-sponsored health care program in 2021 was $7,739 for single coverage and $22,221 for a family plan.
