What I’ve seen over and over is that most consumers don’t actually understand what Insurance is. They think you do it to get something. And that’s not completely true. You purchase Insurance in order to transfer risk.
Health Insurance, in particular, is confusing. Because there, you also want a program for non-emergency expenses. In order to (also) cover the risk on those more expected expenses, in addition to catastrophic losses, Health Insurance companies use Cost-Sharing mechanisms, like deductibles, copays and coinsurance.
Listen to my on the Struggling To Success Podcast for more!