Navigating the complicated world of health insurance can be challenging for even for those of us who work in the industry. With so many acronyms and insurance industry jargon, sometimes it feels like you need a specialized degree to fully understand all of the terms and nuances.

If deductibles, copayments, coinsurance, in-network, out-of-network, preventive care, SBC, and prior authorization leave your employer clients and their employees scratching your heads, they're not alone. 

Survey says: health insurance is confusing

A recent survey found that 39% of insured Americans say they do not understand what their health insurance covers. Research shows individuals struggle to identify the difference between deductibles, copayments and coinsurance. The definitions of in-network and out-of-network benefits might seem obvious on the surface, but when you dig into the fine print, some plans offer cost-savings for out-of-network claims and others do not. These details can dramatically affect costs that trickle down to your employees.

Continue Reading for Free

Register and gain access to:

  • Breaking benefits news and analysis, on-site and via our newsletters and custom alerts
  • Educational webcasts, white papers, and ebooks from industry thought leaders
  • Critical converage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
NOT FOR REPRINT

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.