Medical insurance protects your assets against exorbitant medical costs. It can be complicated if you don't understand deductibles, copays, and coinsurance.

Health insurance helps Americans pay for expensive healthcare. You need it unless you can afford healthcare yourself or get government aid.

Health insurance providers offer many alternatives, but you must compare deductibles, copays, coinsurance, and premiums before choosing a plan.

Monthly fees. Like auto or home insurance, you pay even if you never claim. It creates cash flow so insurance businesses may pay daily expenses.

Cost-sharing. Before the insurance company pays anything. If your plan has a calendar-year policy, you start over every Jan. 1.

Copay per visit. Copays may be $20 for a doctor visit, $50 for a hospital visit, and $10 to $40 each prescription. You pay 100% until the deductible is satisfied.

Coinsurance. It's a percentage of medical procedures and hospital stays. You may pay a copayment for a hospital visit and coinsurance for hospitalisation.

Today's American Dream includes healthcare. Average health improves with money, according to research. 8 Income inequality causes healthcare inequity.