Definition: Health Insurance refers to coverage offered by an insurer that pays for medical expenses incurred by individuals or families in the event of medical emergencies, illness, or injuries. The amount covered varies by policy type and can range from as little as $50 a month up to thousands of dollars depending on what kind of medical plan is selected. Health insurance plans typically cover a wide variety of healthcare services, such as doctors' visits, prescription drugs, procedures, and diagnostic tests. Some policies may also cover essential health benefits like maternity leave or sick leave, while others offer more comprehensive coverage than others. Health insurance can be purchased individually (as an individual policy) or through a group plan that includes multiple individuals. Health insurance is typically available in the form of a policy, such as a health savings account (HSA), which allows individuals to save money over time and use it for healthcare expenses. Additionally, some policies offer rebates or discounts on healthcare services, known as co-payments.
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