Health Insurance is a way of ensuring that professional medical diagnosis, treatment and aftercare is always available to you. For a low monthly price you are assured of rapid diagnosis and where necessary, the best treatment and care - allowing you and your family to get on with your life.
Health insurance, like any other insurance, is a bet from the health insurance company that you are not going to use any of the promised benefits. You get the most bangs for the bucks by covering yourself for the events that have the low probability to occur. Health insurance companies can charge you lower premiums for the $200,000-$300,000 events (like organ transplants etc.) that are less likely to happen compared to routine doctor visits.
A lot of Americans misunderstands health insurance because it has been offered as a benefit from employers. Employer sponsored "insurance" are more benefits (like salary, company car etc.) than insurance. They cover the employees even for the routine checkups. Health insurance paying routine checkups is analogous to car insurance paying for the oil change that is a very predictable event with probability almost equals to 1.
On the other hand, a heart attack or cancer victim may lose their job, and eventually their company sponsored "health insurance " while they are uninsurable. Company sponsored "health insurance" is not guaranteed renewable when you need it the most.
Therefore, company sponsored "health insurance" (also known as group health insurance) may have more features than a private health insurance (also known as individual health insurance), however, they are not guaranteed renewable like the later.
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