Health insurance

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Health Insurance

An insurance policy that provides coverage when the policyholder (or his/her dependent) becomes ill. For example, a health insurance policy may pay for most or all of the costs of a surgery. Health insurance may cover doctor's visits, medical procedures, prescription drugs, and so forth. The policyholder pays a premium each month in exchange for the coverage; additionally, the policyholder often must pay coinsurance and/or a copay for certain procedures. In the United States, many people procure health insurance through their employers because it is often expensive to buy on one's own. Likewise, many people have group insurance to provide medical coverage. A significant amount of debate exists as to the appropriate role of the U.S. government in regulating health insurance providers and whether the government should assume this role directly.
Farlex Financial Dictionary. © 2012 Farlex, Inc. All Rights Reserved

Health insurance.

Health insurance covers some of or all the cost of treating an insured person's illnesses or injuries. In some cases, it pays for preventive care, such as annual physicals and diagnostic tests.

You may have health insurance as an employee benefit from your job or, if you qualify, through the federal government's Medicare or Medicaid programs.

You may also buy individual health insurance directly from an insurance company or be eligible through a plan offered by a group to which you belong. As you do with other insurance contracts, you pay premiums to purchase coverage and the insurer pays some of or all your healthcare costs, based on the terms of your contract.

Some health insurance requires that you meet an annual deductible before the insurer begins to pay. There may also be coinsurance, which is your share, on a percentage basis, of each bill, or a copayment, which is a fixed dollar amount, for each visit.

Health insurance varies significantly from plan to plan and contract to contract. Generally, most plans cover hospitalization, doctors' visits, and other skilled care. Some plans also cover some combination of prescription drugs, rehabilitation, dental care, and innovative therapies or complementary forms of treatment for serious illnesses.

Dictionary of Financial Terms. Copyright © 2008 Lightbulb Press, Inc. All Rights Reserved.
References in periodicals archive ?
VIEWS ON GOVERNMENT HEALTH INSURANCE AND REDISTRIBUTION In table 4, we explore whether respondents' views on government's role in covering medical bills explains the divergent trends on redistribution among the elderly and African Americans.
Korea and Taiwan offer government health insurance at lower reimbursement rates than Japan.
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President Obama wants to provide government health insurance as an alternative to private insurance--the "public option." He wants to be "absolutely clear" that if you have a health plan you like, you can keep it.
Murray could go further to address the implications of studying this specific population, especially in the final chapter when he enters contemporary debates about government health insurance.
THESE VOTERS, 84 PERCENT OF WHOM ATTEND CATHOLIC MASS regularly, strongly support the creation of a government health insurance option for those who do not already have insurance.
Health and Human Services Secretary Kathleen Sebelius maintains that a proposed government health insurance plan backed by President Barack Obama would compete with private insurers rather than lead to a socialized system.
He succeeded in making Congress approve a $787 million economic stimulus package and in expanding the government health insurance to include children despite the opposition of some Democratic members of Congress.
For instance, there is a new mandate on the horizon: a government health insurance plan that is expected to compete with the private sector.
For example, the number of Americans covered by private health insurance stayed about the same at 202 million, but the number of individuals covered by government health insurance program rose to 83 million from 80.3 million in 2006.
The agreement represents a $4.3 billion increase over the current waiver and fully preserves existing eligibility and benefit levels as well as federal matching funds for all government health insurance programs, Massachusetts Gov.
Of those, 202 million held private health insurance, about the same as the year before, while the number of people covered by government health insurance rose to 83 million from 80.3 million.

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