Best Health Insurance Companies Of 2021 – Forbes Advisor – Forbes

Health insurance is a contract that requires an insurer to pay some or all of a person’s medical expenses in exchange for a monthly premium. “It’s to prevent you from hitting financial ruin should you run into an emergency,” says Molly Moore, co-founder and chief health plan officer at health insurance start-up Decent. “Some people get health insurance because they know they have ongoing health care issues that need to be taken care of, and some people get health insurance because they’re scared of something that could happen that they can’t plan for,” she says.

Going without health insurance coverage poses a risk to both your potential to get care and an even bigger risk to your personal finances, explains Noah Lang, chief executive officer and co-founder of Stride Health, a benefits platform for independent workers. People who aren’t insured (or who are under-insured) tend to be hesitant to get care, which can risk their health, he adds.

People who have health insurance are often more likely to go to the doctor when they need to because they know what it will cost, says Katie Roders Turner, executive director of the Family Healthcare Foundation in Tampa Bay, Florida. They tend to follow up on medical concerns their doctors flag, such as high blood pressure, before they turn into bigger problems, and they’re more likely to obtain necessary prescription drugs since they’re available at a more affordable rate.

Health Insurance Coverage

All health insurance plans sold on the federal marketplace are compliant with the Affordable Care Act (ACA), meaning they cover a set of 10 categories of services. These essential benefits that must be covered include:

Outpatient care
Emergency services
Hospitalization, such as for surgery and/or overnight stays
Pregnancy, maternity and newborn care before and after birth
Mental health care and substance use disorder services
Prescription drugs
Rehabilitative and habilitative services and devices for those with disabilities, injuries or chronic conditions
Laboratory services
Preventative and wellness services, including cervical cancer screening and HIV screening and counseling
Pediatric services, including vision and dental care

Outside these essential benefits, what a plan covers will vary, which is why it’s important to read the fine print.