Consumers do not Understand Basic Health Insurance Terms

CONSUMERS DO NOT UNDERSTAND BASIC HEALTH INSURANCE TERMS

A recent survey shows the consumer lacks confidence and is confused in understanding basic health insurance terms.  The following are the results:

INSURANCE TERM Didn’t Know the Meaning
Co-insurance 45.3%
Max out-of-pocket 35.2%
Covered services 30.8%
Provider network 30.2%
Premium 27.2%
Deductible 25.6%
Co-pay 23.5%

The degree of misunderstanding regarding healthcare insurance is staggering.  Healthcare Consumer Navigator Center has developed a Glossary of Basic Healthcare Terms.  The Glossary is located in the Section called CONSUMER NAVIGATOR.

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