Whether you're healthy or sick, we want to make
sure you get the help you need.
What Is Health Insurance?
Health insurance is a critical part of your financial plan—it can help cover some of the costs of high-quality medical care and reduce out-of-pocket expenses if you get sick.
In exchange for a monthly premium payment, health insurance covers most of the insured person's medical and surgical expenses and preventative care costs.
In general, the higher the monthly premium, the lower the insured's out-of-pocket costs.
Although almost all insurance plans have deductibles and co-pays, federal law limits these out-of-pocket expenses.
Since 2010, the Affordable Care Act has prohibited insurance companies from denying coverage to patients with preexisting conditions. Children under the age of 26 have been allowed to remain on their parent's insurance plan until they reach the age of 26.
Medicare, Medicaid, and the Children's Health Insurance Program (CHIP) are federal healthcare programs that provide coverage to the elderly, disabled, and low-income individuals.
Individual health insurance policies are available to people not currently enrolled in a government program — such as Medicare or Medicaid — or a job-based policy.
Group health insurance offer coverage to a group of participants typically made up of workers for a particular company or members of an organization. Because the risk is shared across several policyholders, group health members typically pay less for insurance.
A family policy is similar to an individual approach in that it covers multiple people. This frequently raises the deductible, out-of-pocket maximums, and monthly costs.
Group disability provides a benefit to make up for some of your lost income if an illness or injury prevents you from working. It's a good idea to enroll in an employer-sponsored plan since it's cost-effective, but you shouldn't rely on it as your only source of disability insurance.