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Health insurance is a program that covers medical expenses or income lost due to illness or injury caused by accidents. These policies are likely to cover part or all of the expense of hospitalization; surgery; physicians' fees; drugs and medicines; laboratory tests, X-rays etc. In other words, health insurance is a contractual relationship wherein the insurance company reimburses the insured for health care costs in exchange for premiums. The contract generally quantifies the type of health care benefits covered by the policy, as well as the cost that the insuring company would reimburse.

Health insurance is considered to be one of the most controversial forms of insurance, as there is always a perceived conflict between the need for the insurance company to remain solvent versus the need of its customers to remain healthy. As a health insurance policy is a legal, binding contract between the insurance company and the customer, the insurance company is bound to pay all valid claims without question. In most cases, many insurance companies purchase re-insurance for protecting themselves from loss due to an unforeseen event. Generally, employers offer health insurance to their employees. The three most preferred health insurance offered to employees are HMOs, PPOs, and point of service plans (POSs).

Prices for health insurance have seen an upsurge in recent times, and people have been finding options to cut their premiums or find affordable health insurance. Experts opine that the problem is greater among young adults. Most of the people who do not have medical insurance range between the ages of 18 to 25. One of the programs initiated by the US government includes temporary medical insurance which provides coverage for 1 to 12 months and gives a recent graduate or someone not employed a chance to acquire their own health insurance. One can use free insurance quotes for comparing premiums and services before making a final decision. Next Article: Health Insurance Policies