Health Insurance Benefits
What Does Health Insurance Benefits Mean?
Health insurance benefits refer to the medical or healthcare services and medications provided to an insured individual when they need them. The insurance company may either pay the medical bills directly or reimburse the policyholder for the expenses incurred.
Insuranceopedia Explains Health Insurance Benefits
Under the Affordable Care Act (ACA) in the U.S., the following are considered essential health benefits for a health plan: outpatient care, pregnancy and maternity care, newborn care, hospital stays, mental health and substance abuse services, prescription drugs, rehabilitative and therapeutic devices and services, laboratory services, pediatric services, and preventive and wellness services (including chronic disease management).
However, dental and vision coverage for adults are not classified as essential benefits.
Americans are required to have health insurance that meets federal standards, and they should ensure their insurance plan includes these essential benefits to avoid a tax penalty.
