Health insurance provides important financial protection in case you have a serious accident or sickness.
People without health coverage are exposed to these costs. This can sometimes lead people without coverage into deep debt or even into bankruptcy.
It’s easy to underestimate how much medical care can cost:
Fixing a broken leg can cost up to $7,500
The average cost of a 3-day hospital stay is around $30,000
Comprehensive cancer care can cost hundreds of thousands of dollars
Having health coverage can help protect you from high, unexpected costs like these.
When you have coverage, your plan protects you from high medical expenses 3 ways:
Reduced costs after you meet your deductible Once your spending for covered services reaches your plan’s deductible, the plan covers part of your medical expenses. Marketplace plans cover between 60% and 90% of your covered expenses after you’ve met your deductible.
Out-of-pocket maximum This is the total amount you'll have to pay no matter how much covered care you get in a plan year.
No yearly or lifetime limits Health plans in the Marketplace can't put dollar limits on how much they’ll spend each year or over your lifetime to cover essential health benefits.