When we go to shopping, we all understand basic terms we see nearly everywhere. Terms like Sale, Discount, and Clearance are easy to recognize. Some shopping industries aren’t so simple though. Are you familiar with all the health insurance terms you hear?
The insurance industry is more complicated than ever and is one of the biggest expenses for millions of Americans. Today we have higher deductible plans and more out of pocket expenses. We are paying more for insurance than ever before. However, most consumers still don’t understand health insurance terms like networks, premiums, and deductibles.
Knowing what you’re buying and how much it will cost is important to being a smart healthcare consumer. We’ve got your back though. Below are some of the basic health insurance terms, what they mean, and how they work. You want to know exactly what you’re buying, right?