Health insurance is a type of coverage that pays for medical and surgical expenses incurred by the insured. It can also provide additional benefits such as coverage for prescription drugs, mental health services, preventive care, and sometimes dental or vision care.
Premium: The amount you pay periodically (monthly, quarterly, or annually) for the insurance coverage. This can be paid by the individual, employer, or a combination of both.
Deductible: The amount you must pay out-of-pocket before the insurance company starts to pay for covered medical expenses. Once the deductible is met, you typically share the cost with the insurer (through coinsurance or copayments).
