Featured Video: Key Benefits Terms Explained

September 30, 2019

Featured Video: Key Benefits Terms Explained

Key Benefits Terms Explained

Premiums? Deductibles? Copays? All these different terms and components to medical plans are confusing. So, what does it all mean and why do you need to know?

Insurance jargon can make you feel like you’re sitting in the back seat of a taxi in a foreign country. How do you know if you’re being taken on a wild, roundabout, and expensive ride when what you really want is the shortest, most cost-effective path to good health and well-being? Today’s medical insurance market offers a maze of options to meet our society’s demand for choice and customization and with that comes differences in the price you pay for each component of your plan. If you understand how each of the different components works and how the components interact over the course of the calendar year, you will be able to quickly decide which of the options available has the right combination of convenience, quality of care, and affordability for you and your family.

In other words, understanding a few basic concepts is all you need to determine how much you will pay each step of the way. Getting clarity on the basic structure of medical plans allows you to easily compare the options and evaluated them based on your personal priorities and preferences. With this basic knowledge you can turn the medical insurance maze into a straight forward decision-making tool that empowers you to confidently compare plans and choose the best option available for you and your family.  

Put yourself in the driver’s seat by watching our quick educational video, Key Benefits Terms Explained.This video is also available in Spanish, Términos Clave de Seguro Médico Explicados.

For more educational videos on employee benefits and healthcare, check out our full Benefits Video Library