Health insurance plans can seem like they’re written in secret code.
Between trying to decipher mysterious acronyms — like HSAs, FSAs, and HDHPs — and remembering your portal password, it’s easy to feel overwhelmed.
"Many of the people we work with feel overwhelmed with the process of choosing the right health insurance plan options," says Scott Spann, a financial planner with Financial Finesse, a provider of workplace financial wellness benefits.. "The majority of Americans are anxious about rising premiums and choosing the right type of coverage." But digging into the details is well worth the effort, he adds.
As high deductible healthcare plans continue to grow in popularity, it’s important to at least take time to understand the basics. Failing to take the time to review your options can be a costly mistake.
Can’t find your decoder ring? This primer can help you get started. EdLogics members can find more in the Glossary of Terms on our Health Insurance learning page.
A version of this article was originally published 6/28/2017.