Understanding Health Insurance: The Basics Health insurance is a fundamental financial tool that helps individuals and families manage the costs of medical care. It operates on a simple principle: you pay regular premiums, and in return, the insurance company agrees to cover some or all of your medical expenses when you need treatment. This arrangement provides crucial protection against unexpectedly high medical bills that could otherwise cause significant financial strain. At its core, health insurance works by spreading risk across a large pool of people. This means that the contributions of many policyholders collectively cover the medical costs of those who require...
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