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In the US, there are a host of private healthcare insurance specialists. However, life/annuity property/casualty insurers also write this coverage, often referred to accident and health insurance, outlined by the Insurance Information Institute. In 2022, the accident and health insurance industry’s direct written premiums reached $1.25 trillion, up almost 85% from $780 billion in 2012. The largest 10 insurers

How Does Health Insurance Work?

Health insurance is basically a contract that requires your health insurance company to pay some or all of your health care costs in exchange for a monthly payment called a premium. Each plan offers different types and amounts of coverage, but all typically cover doctor visits (for certain doctors within that plan), hospital stays, prescription drugs and some other services. More comprehensive plans may cover mental health care, dental care, vision care, physical and occupational therapy, behavioral health care and more.

In addition to the premium, most plans require you to pay other costs for your health care. These may include:

  • A deductible. This is an amount you pay for covered health care services before your insurance plan starts to pay. With a $2,000 deductible, for example, you pay the first $2,000 of covered services yourself.
  • Copayments. This is a set fee you pay for a covered health care service after you’ve paid your deductible – typically $5 to $25 per service.
  • Coinsurance. This is a percentage of costs of a covered health care service you pay after you’ve paid your deductible.

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