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- Insurance is an arrangement between a provider and a customer. The Kaiser Family Foundation revealed that the health insurance industry directly employs over 14 million people and indirectly provides jobs to another 29 million individuals, which totals more than 43 percent of U.S. workers overall, as per Bureau of Labor Statistics data.
- The significant growth in this industry can be attributed to the increasing demand for healthcare services among the aging population. Health insurance companies are therefore looking to hire talented professionals who can help them meet
Health Insurance Explained
In this article, I’m going to explain what health insurance is, how it works and why people buy it.
Health insurance is a contract between the policyholder and the insurance company. The policyholder promises to pay the premium (a fixed amount of money) to the insurance company, and in return, the company will provide health care services if the policyholder gets sick or injured within the coverage period.
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Why You Should Get Health Insurance?
The question of whether to get health insurance is one that many people struggle with. It’s expensive, but it can also be a lifesaver. If you’re not sure whether or not you need health insurance, here are some reasons that might help you decide.
How to get health insurance?
- Health insurance is a necessity for the majority of Americans. In 2016, over 87% of American adults had health insurance coverage, according to the National Health Interview Survey. Despite this large number, there are still a lot of people without health insurance.
- The reasons for not having health insurance vary by state and by age group. The most common reason is cost. For example, in 2016, 65% of uninsured adults stated they did not have coverage because it was too expensive, compared with 33% who were currently covered but were looking for ways to get less expensive coverage.
The Great Benefits of Health Insurance
- Health insurance is a valuable tool that provides protection for you and your family against unforeseen medical expenses. Although health insurance is vital to the health of your finances and family, most Americans fail to take advantage of this important tool.
- The average American will spend $15,000 on healthcare in their lifetime, and that’s just the average! If you have more serious medical issues, it could be even more expensive. Not only are most people spending thousands on healthcare, but they aren’t protected from these costs if their employer decides to cut or cancel their insurance.
6. What Happens if you Don't Have Health Insurance?
- In the US, health insurance is mandatory. But did you know that there is a penalty if you don’t have health insurance? Starting in 2014, people in the US who do not have health insurance will be required to pay a penalty. The penalty will be assessed on an annual basis and it will be collected when you file your federal income tax return.
- The penalty will be assessed on an annual basis and it will be collected when you file your federal income tax return. The penalty for failing to obtain health insurance coverage in 2014 is $95 per adult and $47.50 per child (up to
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