Financial Jargon Simplified: Health Insurance

Financial Jargon Simplified: Health Insurance

Financial jargon can be confusing to navigate, for both the ‘new-to-managing-my-finances’, and even those who are more experienced at it. If you’ve ever felt like you need a healthy dose of ‘just the facts’, you’re in luck.

It’s time to feel empowered to own your financial conversations. Brushing up on these terms can help you make more informed, confident decisions in your financial life – ultimately getting you to your goals faster and smarter.

Insurance is complicated to begin with, but health insurance can feel especially complex. Whether you’re in the market for health insurance, or find yourself having to use it, knowing the basics of how health insurance works can help to understand what you’ve got to pay, and why.

It’s no secret that healthcare can be expensive. On top of that, your monthly health insurance costs can vary depending on the type of plan you choose. The health insurance simplified infographic below can help shed some light on common key words and phrases to understand as you choose the healthcare plan that’s best for you, or better understand the coverage you already have.

Jargon Simplified: Health Insurance - a full description of this infographic is available below

What Now?

While open enrollment for many major medical plans is typically November through December, if certain changes in your life happen (like getting married or moving) you can make adjustments outside of the designated enrollment period.

To get ahead of the game today, take a look at your current healthcare plan to make sure you’re confident with your coverage and understand your plan. And, check out for even more specific healthcare plan information.

What is Financial Friday?

Financial Friday is a series dedicated to financial education and actionable tips meant to inspire progress toward your financial well-being. Subscribe to Next Door® to get Financial Friday articles delivered to your inbox.

Subscribe to Next Door®