With complicated cost breakdowns and complex terminology, the world of health insurance can be challenging to navigate. In fact, a 2016 survey* revealed that only 4% of Americans could successfully define the following health insurance words: deductible, coinsurance, copay, and out-of-pocket maximum.
There’s clearly widespread confusion, but that doesn’t have to be the case when you’re shopping short term health insurance options. A basic understanding of health insurance jargon and the cost implications behind it will make it much easier for you to pick out your ideal plan. With the help of our friend Tyler, we’ll be explaining five key health insurance terms using a sequence of real-life situations. Every malady that befalls Tyler is to benefit everyone’s health insurance comprehension.
Take it away, Tyler.
We hope Tyler’s misfortune clears up any health insurance confusion and turns you into a confident consumer. If you’re interested in a plan suited to your lifestyle and budget, call a Vera Health agent today at 888-499-1187. We’ll help you find your ideal plan with coverage starting as soon as tomorrow.
Note: No actual Tyler’s were harmed in the making of this blog.
*PolicyGenius. “4 basic health insurance terms 96% of Americans don’t understand” 2016, Health Insurance Literacy Survey [2,000 participants], https://www.policygenius.com/health-insurance/health-insurance-literacy-survey/