Whether you catch a common cold or experience a severe injury, having health insurance is crucial. Medical policies make it easier to afford doctor’s appointments, prescription drugs, procedures, and surgeries. Below, you’ll find several frequently asked questions about this insurance and why you need it.

4 FAQ About Health Insurance 

What is it?

When you purchase health insurance, you enter into a contractual agreement with an insurance company that will pay a portion of your medical bills according to the specifics and duration of your policy. For your plan to take effect and remain active, you must pay a monthly premium to the company. 

Why is it significant?

Healthcare is expensive and challenging for most people to pay out of pocket in full. Purchasing an insurance policy and paying your monthly premium will protect you from incurring serious debt if you need treatment for an illness, disease, or injury.

What are deductibles, copayments, and coinsurance? 

Each of these terms refers to out of pocket payments. Your deductible is the minimum amount of money you must spend on medical care before your insurance benefits begin. For doctor or specialist visits, you either pay a copay, which is a flat rate, or coinsurance, which is a percentage of the costs. 

Does the law require it?

Health insurance is not legally required. However, you may have to pay a tax penalty if you don’t have a public or private policy. Consult with an insurance agent to find out whether or not you qualify for exemptions and learn more about how to enroll in an affordable plan.

When you need health insurance, contact Harris Insurance Agency. This agency offers medicare and health insurance to clients throughout Centerville, OH. Call (937) 387-6672 to get a quote on health insurance and find a plan that covers your doctors and prescriptions. Visit the website to learn more about how they can help you protect your well being.