Information About Health Insurance

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Health insurance is one of the most important benefits that you'll utilize in your lifetime. Get information about health insurance with help from an experienced insurance professional in this free video clip.

Part of the Video Series: Health Insurance
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Video Transcript

Hi, my name is Tim Tracy, co-founder of, and this is information about health insurance. Health insurance is one of the most important benefits that you'll utilize in your lifetime. What it does is it provides you with protection against risks due to unforeseen circumstances, such as hospital visits, emergency room visits, as well as your preventative and annual checkups and exams. What you want to do is be a smarter consumer. It's important to understand what health insurance is, and the benefits behind it, and how it works. You want to familiarize yourself with your plan design, as well as the other alternative options available to you to see if something could possibly be more cost effective. You want to understand the terminology. So, make sure to brush up on what a PPO is, or an HMO, or an HSA. These are all different types of plan designs and networks. It's important to understand the ins and outs of how each of these work. You also want to understand what a co-pay is, and a deductible, as well as your co-insurance, and your out-of-pocket maximum. These are the most common terminologies that you'll see in your health insurance plan. A co-payment, for example, is a fixed dollar amount that you would have to provide to that doctor or facility for the service that they provided to you. The insurance carrier is going to pick up the remainder of that cost. A deductible, for example, is a set dollar amount that you're responsible for paying before your insurance carrier contributes anything towards your coverage. So, for example, if you have a $500 deductible, you're responsible for the first $500 of that medical bill in a calendar year. After that, the insurance company's going to kick in and start paying out claims. Co-insurance. This is the portion of the bill you pay. Co-insurance, basically, means your percentage, and "co", the insurance carrier's percentage. So, if your co-insurance is twenty percent, the insurance carrier's going to pay eighty percent of the bill. You're responsible for twenty percent. Your out-of-pocket maximum, this is the bottom line dollar that you would have to pay out, any given year, maximum cost for your health insurance carrier. This is going to include your deductibles and co-payments, typically. So, you want to review that if anything were to happen catastrophically, what your maximum out-of-pocket costs are going to be. It should be a number that you're comfortable with and can afford paying, should something happen. My name's Tim Tracy, co-founder of, and this is about health insurance.


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