What is health insurance?

Health insurance is a type of insurance that helps cover the cost of healthcare and medical expenses. It is a contract between an individual or group and an insurance provider, typically a private company. In Washington, health insurance is regulated by state law and is required by most employers. Health insurance helps cover the cost of certain medical services, like doctor visits, hospital stays, surgeries, and prescribed medications. It also covers preventative care, like check-ups, tests, and vaccinations. Other services, like vision and mental health care, can sometimes be included as well. Depending on the type of plan you choose, health insurance may require you to make a copayment or coinsurance payment when you use services. This means you will pay a portion of the medical bill yourself. Many health insurance plans also require you to meet a deductible before they will begin to cover your medical expenses. Medicare and Medicaid are types of health insurance programs designed to help individuals with limited incomes access medical services. Medicare is offered to individuals over the age of 65, while Medicaid is available to citizens and legal residents with low incomes. In Washington, Medicaid is managed by Health Care Authority. Health insurance is an important part of financial planning, as it helps protect you from large medical expenses. It is important to do your research and understand the types of plans available in your area, as well as the costs associated with each plan.

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What is health insurance?

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