Best Health Insurance Companies Of February 2023

Health insurance is a contract that obligates an insurer to pay some or all of a person's medical bills in exchange for a monthly premium. "It's to save you from being financially devastated in an emergency," says Molly Moore, co-founder and head of health plans at health insurance startup Decent. "Some people buy health insurance because they know they have lifelong health problems that need to be fixed, and some people buy health insurance because they're worried about something happening that they can't plan for," she said. She said. .

A lack of health insurance coverage compromises your health potential and your personal finances, says Noah Lang, CEO and co-founder of Stride Health, a benefits platform for the self-employed. Uninsured (or underinsured) people tend to be reluctant to seek treatment, which can put their health at risk, he adds.

People who have health insurance are often more likely to go to the doctor when they need it because they know how much it will cost, says Katie Roders Turner, executive director of the Family Health Care Foundation in Tampa Bay, Florida. They tend to pursue medical problems that their doctors find, such as high blood pressure, before they become more serious problems, and are more likely to get the medications they need because they are available at a lower cost.

health insurance coverage

All health insurance plans sold on the federal marketplace are Affordable Care Act (ACA) compliant, which means they cover a number of 10 categories of services. These essential benefits to be covered include:

• Outpatient care
• Emergency services
• Hospitalization, such as surgery and/or overnight stay
• Pregnancy, labor and newborn care before and after birth
• Mental health and addiction services
• prescribed medication
• Rehabilitation and rehabilitation services and equipment for people with disabilities, injuries or chronic illnesses
• laboratory services
• Prevention and wellness services, including cervical cancer screening and HIV testing and counseling
• Pediatric services including dental and eye care

Beyond these basic benefits, what a plan covers will vary, so it's important to read the fine print.

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