Health insurance is insurance against the risk of incurring medical expenses among individuals. By estimating the overall risk of health care expenses among a targeted group, an insurer can develop a routine finance structure, such as a monthly premium or payroll tax, to ensure that money is available to pay for the health care benefits specified in the insurance agreement. The benefit is administered by a central organization such as a government agency, private business, or not-for-profit entity.
Read more about Health Insurance: Background, Comparison, Standards of Hospitals and Clinics Used By Insurance Companies
Famous quotes containing the words health and/or insurance:
“Even though I had let them choose their own socks since babyhood, I was only beginning to learn to trust their adult judgment.. . . I had a sensation very much like the moment in an airplane when you realize that even if you stop holding the plane up by gripping the arms of your seat until your knuckles show white, the plane will stay up by itself. . . . To detach myself from my children . . . I had to achieve a condition which might be called loving objectivity.”
—Anonymous Parent of Adult Children. Ourselves and Our Children, by Boston Women’s Health Book Collective, ch. 5 (1978)
“Before I get through with you, you will have a clear case for divorce and so will my wife. Now, the first thing to do is arrange for a settlement. You take the children, your husband takes the house, Junior burns down the house, you take the insurance and I take you!”
—S.J. Perelman, U.S. screenwriter, Arthur Sheekman, Will Johnstone, and Norman Z. McLeod. Groucho Marx, Monkey Business, terms for a divorce settlement proposed while trying to woo Lucille Briggs (Thelma Todd)