Health Insurance

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In general, health insurance is the name given to any insurance plan that provides coverage for medical expenses or health care services. Individuals can buy health insurance for themselves, but most Americans get health insurance from their employer - although not every employer provides it. ( Medicare is the federal government health insurance program that generally covers people who are over 65.) Health insurance from your employer is part of the employee benefits. Health insurance plans can vary considerably in their scope - see HMO, PPO, Health Savings Account, and High Deductible Health Plan. Health insurance can also refer to specific insurance that you can buy in case of accident or sickness. For example, if you travel abroad, you may want to buy health insurance that will help pay the bills if you get sick during your trip. Because health insurance plans vary so much and are usually so detailed, you should make sure you fully understand what is covered, when it is covered, and what is not covered. You should also familiarize yourself with the procedures for making a claim. The federal Patient Protection and Affordable Care Act and the Health Care and Education Reconciliation Act, which both became law in March 2010, will have a significant impact on health insurance and health care in America. See also Co-insurance, Co-payment, Deductible, Lifetime Maximum, Medicaid and Out-of-Pocket Expenses.