Why Do I Need Health Insurance?

1. Why Do I Need Health Insurance? Health Coverage When You Need Care: Health insurance is a contract between you and your insurance company. When you buy a plan, the company agrees to pay part of your medical costs when you get sick or hurt. How Insurance Protects You: Out-of-pocket maximum: This is the total amount you will have to pay if you get sick. For example, if your plan has a $3,000 out of pocket maximum, once you pay $3,000 in deductibles, coinsurance, and co-pays the plan will pay for any covered care above that amount for the rest of the year. No yearly or lifetime limits: Health plans in the Connect For Health Colorado Marketplace cannot put dollar limits on how much they will spend each year or over your lifetime to cover essential health benefits. After you’ve reached your out-of-pocket maximum, your insurance company must pay for all of your covered medical care with no limit. Health insurance isn’t cheap, but going without it can cost you even more. Whether you get it through your employer or  any insurance company. Know what you’re getting and what you are not. Whether you’re relatively healthy or chronically ill, health insurance can provide the financial protection you need for both routine and unexpected healthcare needs. Health insurance can cost you far more in the long run than the cost of paying premiums. Without health insurance, you likely would be responsible for paying all costs if you get sick or injured. There are various health insurance companies in pa, which provides group health insurance plans for you. Source: cohealthinfo.com