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Financial jargon simplified: Health insurance

Doing some homework to understand important jargon can help you navigate insurance with confidence.

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 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.

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 www.healthcare.gov for even more specific healthcare plan information.

The information in this article was obtained from various sources not associated with State Farm® (including State Farm Mutual Automobile Insurance Company and its subsidiaries and affiliates). While we believe it to be reliable and accurate, we do not warrant the accuracy or reliability of the information. State Farm is not responsible for, and does not endorse or approve, either implicitly or explicitly, the content of any third party sites that might be hyperlinked from this page. The information is not intended to replace manuals, instructions or information provided by a manufacturer or the advice of a qualified professional, or to affect coverage under any applicable insurance policy. These suggestions are not a complete list of every loss control measure. State Farm makes no guarantees of results from use of this information.




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