an arrangement with a company in which you pay them regular amounts of money and they agree to pay the costs if, for example, you die or are ill, or if you lose or damage something
In a simple words
Insurance is a way to manage your risk.
Insurance risk is the risk that inadequate or inappropriate underwriting, product design, pricing and claims settlement will expose an insurer to financial loss and consequent inability to meet its liabilities.
Health insurance or medical insurance is a type of insurance that covers the whole or a part of the risk of a person incurring medical expenses. As with other types of insurance, risk is shared among many individuals.
These expenses could be related to hospitalisation costs, cost of medicines or doctor consultation fees.
Health insurance is important because, Besides, with the rising cost of medical expenses, access to good medical facility and hospitalisation costs can be financially strenuous. Therefore, getting a health insurance cover for yourself and your family can provide the added protection you need in times like these.
The answer is easy, everyone!No matter your age, gender or shoe size, you need health insurance. Just like you need car insurance, in case anything happens to your vehicle, health insurance will cover you if you become sick or suffer an injury.
Yes, its too cheap and easy to afford.
According to Wikipedia
The Commonwealth Fund, in its annual survey, "Mirror, Mirror on the Wall", compares the performance of the health care systems in Australia, New Zealand, the United Kingdom, Germany, Canada and the U.S. Its 2007 study found that, although the U.S. system is the most expensive, it consistently under-performs compared to the other countries. One difference between the U.S. and the other countries in the study is that the U.S. is the only country without universal health insurance coverage.
The Commonwealth Fund completed its thirteenth annual health policy survey in 2010. A study of the survey "found significant differences in access, cost burdens, and problems with health insurance that are associated with insurance design". Of the countries surveyed, the results indicated that people in the United States had more out-of-pocket expenses, more disputes with insurance companies than other countries, and more insurance payments denied; paperwork was also higher although Germany had similarly high levels of paperwork.