Explanation of Benefits If you don’t know about the cost differences between emergency care and urgent care, you’ll spend a $1,000 or more at the ER instead of $150 at urgent care. (Photo: Shutterstock)

We have some bad news and some good news about health care benefits. The bad news is that only four percent of Americans understand basic terms like deductible, copay, coinsurance and out-of-pocket maximum according to a survey by Policygenius. Respondents were wildly overconfident in their understanding of insurance.

Thus, the good news: confusion about health insurance literally cannot get (much) worse. If you’re in HR, trying something is almost guaranteed to create better results than carrying on as usual.

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