Health Insurance:
Health insurance helps cover the cost of medical care and is essential to prevent high medical bills in case of illness or accidents. In the U.S., there are several ways to obtain health insurance:
Types of Health Insurance in the U.S.:
- Private Health Insurance:
Employer-Sponsored Insurance (ESI):
Most Americans receive health insurance through their employer.
The employer and employee typically share the premium costs.
Covers medical, dental, and sometimes vision care.
Individual Health Insurance:
Purchased directly from insurance companies or through the Health Insurance Marketplace (established under the Affordable Care Act).
Offers plans based on tiers: Bronze, Silver, Gold, and Platinum, which vary in cost and coverage.
Premium subsidies may be available based on income levels. - Public Health Insurance Programs:
Medicare:
Federal program mainly for people aged 65 and older, and some younger individuals with disabilities.
Consists of different parts:
Part A: Hospital insurance
Part B: Medical insurance
Part D: Prescription drug coverage
Some people also purchase Medicare Advantage (Part C) plans, which bundle all services.
Medicaid:
Joint federal and state program for low-income individuals and families.
Eligibility and coverage vary by state, but typically covers essential health services, including doctor visits, hospital stays, and prescriptions.
Children’s Health Insurance Program (CHIP):
Provides low-cost health coverage to children in families that earn too much to qualify for Medicaid but cannot afford private insurance. - Health Insurance Marketplace:
Created under the Affordable Care Act (ACA), also known as Obamacare, the marketplace allows individuals and small businesses to compare and purchase insurance plans.
Plans in the marketplace are required to cover a set of essential health benefits like preventive services, maternity care, mental health care, and prescription drugs.