Simply put, health insurance is protection against medical costs. A health insurance policy is a contract between an insurer and an individual or group, in which the insurer agrees to provide specified health insurance at an agreed-upon price (the premium). Depending on your policy, your premium may be payable either in a lump sum or in installments. Health insurance usually provides either direct payment or reimbursement for expenses associated with illnesses and injuries. The cost and range of protection provided by your health insurance will depend on your insurance provider and the particular policy you purchase. If your employer does not offer a health insurance plan, you may wish to purchase health insurance on your own.
Why do you need it?
Let's face it--health insurance is a necessity in today's world. The costs of medical care and treatment have soared to new heights in recent years and are expected to rise even further in the years to come. Think for a moment about the enormous medical costs you would incur if you suffered a major injury tomorrow or were suddenly stricken with a life-threatening illness. Uninsured people live with such risk every day of their lives; health insurance can shield you from that risk. Even if you're healthy today and have never had any major problems in the past, you simply can't predict the future. In addition to medical emergencies, routine conditions requiring visits to a physician or dentist happen all the time (e.g., pregnancy, viruses that seem to hang on forever, moles that don't look quite right, preventative dental care and surgery). This is especially true if you have children. Ear infections, rashes, and high fevers are commonplace with infants and children. While numerous trips to the doctor are covered by Provincial Insurance the resulting medications or treatments can be pretty expensive without health insurance.