For as long as humans keep falling sick and getting better, people will keep on asking, is it illegal to not have health insurance.
Firstly, health insurance is a requirement for everyone by the law in the United States. This is majorly the reason for the Affordable Care Act, otherwise known as Obamacare.
So, the Affordable Care Act (ACA) requires that every American has health care coverage or a penalty will be imposed.
One of the main goals of the Affordable Care Act was to reduce the number of people who are uninsured, which is estimated at around 30 percent.
The law also made it mandatory for most individuals to have health insurance or pay a penalty. These requirements helped to reduce the number of uninsured people, but there are still many Americans who don’t have health insurance.
Healthcare is, undoubtedly, one of the most important parts of a successful country. If health care is not accessible, then people will not be able to live decent lives. Access to affordable and reliable health care should be a right, not a privilege. Unfortunately, many countries around the world are not providing the same level of access to health care as citizens in the United States have.
Basic information regarding insurance
According to Merriam-Webster Online Dictionary, an insurance company is an organization that provides financial protection against loss in exchange for periodic payments.
Insurance companies collect premiums from customers and then invest the money. The insurers make up the 20 percent and keep it within the company. The insureds (the people who pay premiums) or policyholders get dividends from the insurance company.
In continuation, as a matter of fact, insurance is the protection from future financial burden or loss. Also, you can purchase insurance for the protection against a disaster, or loss, and then, for your business or household reasons.
Furthermore, when you narrow it down to health, then, health insurance becomes a type of insurance you purchase for preventive health care, as well as protection against medical care in case of illness, injury, or accident.