Health Insurance: The Basics

June 22, 2015

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Health Insurance
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Do you have a hard time understanding the concepts behind health insurance?

It can seem overwhelming with all of the terminology and different components but insurance can be easy to understand if you break it down.

-Health insurance: something that protects you from paying the full bill of various medical services. You can either have insurance that covers the full costs of services or covers a percentage of services.

-Monthly premium, or a set amount you have to pay from month to month. This cost can vary greatly. A lower monthly premium typically means that you will have to pay more out-of-pocket costs while a high monthly premium usually has lower out-of-pocket costs.

-Deductible: a set amount that you pay for services until insurance begins to cover your bills. This also varies from plan to plan.

-Copay: a set amount that you pay once you receive a health care service.

These are just a few components of what makes up health insurance but there are some great easy to understand resources that go more in depth!

Check out Harvard’s informational website and this health care glossary for more information!

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