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HEALTH INSURANCE
Health insurance provides coverage that pays for medical and surgical expenses incurred.
Health insurance is a pivotal mechanism in modern healthcare systems, designed to protect individuals from the financial burden of medical expenses. It operates by pooling resources through premiums paid by insured individuals or their employers, thereby spreading the financial risk associated with illness or injury across a large group. This collective approach makes healthcare more accessible and affordable, especially in times of unforeseen medical emergencies.
Types of Health Insurance
Health insurance is broadly categorized into public and private plans:
Public Health Insurance
Programs like Medicare, Medicaid, and government-funded universal healthcare systems aim to provide coverage to specific populations, including the elderly, low-income families, and vulnerable groups. These programs are often funded through taxes and ensure that even the most economically disadvantaged can access basic healthcare.
Private Health Insurance
These are typically provided by employers or purchased individually. Private plans often offer more comprehensive coverage, including specialized treatments, advanced diagnostic tools, and elective procedures. However, they can be costly, and premiums vary based on factors like age, health status, and coverage level.
