What Is Health Insurance and its coverage: Health insurance is a contract that requires an insurer to pay some or all of a person’s medical expenses in exchange for a monthly premium. “It’s to prevent you from hitting financial ruin should you run into an emergency.
Some people get health insurance because they know they have ongoing health care issues that need to be taken care of, and some people get health insurance because they’re scared of something that could happen that they can’t plan for. Going without health insurance coverage poses a risk to both your potential to get care and an even bigger risk to your personal finances.
Health Insurance Coverage
All health insurance plans sold on the federal marketplace are compliant with the Affordable Care Act (ACA), meaning they cover a set of 10 categories of services. These essential benefits that must be covered include:
- Outpatient care
- Emergency services
- Hospitalization, such as for surgery and/or overnight stays
- Pregnancy, maternity and newborn care before and after birth
- Mental health care and substance use disorder services
- Prescription drugs
- Rehabilitative and habilitative services and devices for those with disabilities, injuries or chronic conditions
- Laboratory services
- Preventative and wellness services, including cervical cancer screening and HIV screening and counseling
- Pediatric services, including vision and dental care