Will I get refunded if I pay for health insurance and never use it?

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Larry McClanahan, Financial Advisor

@LarryMcClanahan • 08/24/15 This answer was first published on 08/24/15. For the most current information about a financial product, you should always check and confirm accuracy with the offering financial institution. Editorial and user-generated content is not provided, reviewed or endorsed by any company.

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No, your health insurance premiums are a "payment for transferring risk" rather than viewed as an investment or savings. You transfer to the insurance company the risk that you might incur health expenses that you can't afford. The money you pay in premiums is pooled with the premiums of others covered under the same policy. If you don't have any health claims, your premiums then pay for other folks who do, and vice-versa.

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