What is health insurance?
The Bankrate.com financial term of the day is: "Health Insurance."
Health insurance is a contract with an insurance company to which you pay a set amount of money, or "premium," on a regular basis. In exchange, the insurer agrees to pay some or all of your medical bills based on your "coverage," or terms of your policy.
Most Americans have health insurance, which offers protection against high medical costs. About 16 percent of the population is uninsured; one of the goals of health care reform is to expand coverage to more Americans.
To shop for insurance to fit your needs, visit the Insurance section at Bankrate.com.