Nothing is more precious than your health. But unfortunately, with the rising cost of medical services, affordable health care is out of reach for many Americans. Health insurance offsets costs associated with routine care, illnesses and injuries, making medical services more affordable.
words you should know
Here are some commonly used terms you might see when you’re looking at health insurance plans. Keep in mind some policies may define the terms differently.
why do i need health insurance?
Without health care coverage, you might end up with bills you can’t afford. You could ruin your credit history, empty your savings, miss mortgage, rent, or car payments — all because you’ve used up your paycheck paying for prescriptions and necessary medical care.
Cost, convenience, coverage — all of these factors come into play when choosing health insurance. While specific coverages vary from plan to plan, most health care plans will help you pay for:
- Preventive care, such as immunizations
- Routine office visits like annual physical exams
- Prescription drugs
- Physical therapy
- Tests to diagnose or rule out certain illnesses
- Lab work, such as blood and urine tests
types of plans
what if i’m self-employed?
A recent poll administered by the National Federation of Independent Business (NFIB) shows that nearly half (47 percent) of the employers surveyed offered health insurance as part of their employee benefits plan.1 While the main source of health insurance in the United States is through employer-sponsored plans, if you are unemployed or self-employed, you may need to seek private health insurance. Obtaining health insurance on your own can be difficult — especially if you have a pre-existing condition. An insurance agent who specializes in private insurance can help you find an affordable plan.
The information contained herein is being provided as-is and without representation or warranty. The enclosed information is not intended as legal, tax or financial planning advice. Any discussion of tax or accounting matters herein (including any attachments) should not and may not be relied on by any recipient or reader. The recipient/reader should consult their tax adviser, legal consultant and/or accountant for a statement of tax and accounting rules applicable to their particular situation and for all other tax and accounting advice.