The world of healthcare insurance is filled with its own confusing and at times, oddly specific jargon. This includes terms such as deductibles, premiums, co-pays, co-insurance, preventative care, HSA’s, or “paying out of pocket”. On top of having to navigate this plethora of foreign vocabulary, the average healthcare insurance consumer must also learn how their insurance actually works. This means knowing when one can visit the doctor, which doctor they can even visit, what kind of prescriptions are covered, and how emergency situations are handled.
- Knowing much about healthcare insurance is worth the effort because consumers can spend hundreds even thousands of dollars the wrong way by not getting it right.
- A deductible is the amount you have to spend first before your healthcare plan begins to kick in or becomes implemented.
- The premium is the actual cost of the healthcare insurance and it can be paid by the employer monthly, quarterly, or yearly.
“Whether you’re buying your own healthcare insurance for the first time or switching plans after a big life change, you probably have tons of questions.”