Health insurance is a contract with an insurance company, which agrees to pay some or all of your medical bills based on your “coverage,” or the terms of your policy. In exchange, the insurer is paid a set amount of money — a “premium” — on a regular basis. Most Americans have private health insurance, either through their employer’s group plan or through buying their own individual policy. Others are covered under public “safety net” programs such as Medicaid and Medicare.

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