No one plans to get sick or hurt, but most people need medical care at some point in their lives. Health coverage helps pay for these costs and protects you from very high expenses.
Health insurance is a contract between you and the insurance company you choose. You buy a health plan, and the company agrees to pay part of your medical costs when you get sick or hurt. There are other significant benefits of health insurance coverage. Plans available in the Marketplace – and most other plans – provide free preventive care, like vaccines and check-ups. They also cover some costs for prescription drugs.
Health insurance helps you pay for care. Did you know the average cost of a 3-day hospital stay is $30,000? Or that fixing a broken leg can cost up to $7,500? Having health coverage can help protect you from high, unexpected costs like these.
Your insurance policy or summary of benefits and coverage will show what types of care, treatments and services are covered, including how much the insurance company will pay for different treatments in different situations. What you pay for health insurance You’ll usually pay a premium every month for health coverage, and you may also have to meet a deductible once each year before the insurance company starts to pay its share.
How much you pay for your premium and deductible is based on the type of coverage you have. Just as important as the premium cost is how much you have to pay when you get services. Examples include:
Source: U.S. Department of Health and Human Services, Centers for Medicare & Medicaid Services
HealthCare Gov | Small Business Health Insurance | SHOP – Small Business Health Options Program
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