Understanding Health Care Terms Leading up to Open Enrollment

Healthcare is a confusing and complicated sector. And shopping for health insurance can be tedious when you are not sure what to ask, do not have the right terminology, or do not even know where to begin. However, at SureCo Healthcare + Technology, we work to make the process easier to navigate and better to understand for all our clients. Our healthcare consultants do the work for you; they work to find the best plan for your needs and budget. We believe a different kind of healthcare is possible for everyone, and our solutions advocate for this proactive pursuit.  

Recently, millions of Americans have lost their health insurance, leaving them scrambling for coverage. During these unprecedented times, navigating and understanding the health care world can be especially difficult. Luckily, Open Enrollment is quickly approaching. Now is the perfect time to explore health care options for the upcoming year. SureCo is here to help you; book a meeting with one of our licensed agents today to inquire about your healthcare options. Let us do the work for you! 

Part of enrolling in the right healthcare plan that works for you and your family is knowing the various terms and their definitions. When you know what the different components of health insurance are, you will know which questions to ask and have a better idea of what you are looking for in regard to your coverage. Here at SureCo, we hope to clear any confusion you may have about the healthcare sector. In the coming weeks leading to Open Enrollment, we will be defining key healthcare terms. Read below for our first 4 terms and their definitions.  

1. Deductible: The amount of money you must spend before insurance covers your claim costs. After the deductible is met, you usually only pay a copayment or coinsurance.  
2. Copayment: This is the amount you pay to the provider prior to receiving any medical services. If you have met your deductible, this payment is typically lower.
3. Premium: The amount of money your insurance costs each month. This cost varies by program and plan. 
4. Preauthorization: Prior approval or pre-certification is sometimes necessary before you can receive some medical services. Submitting a preauthorization form does not guarantee your insurance will cover the cost of your medical service.  

Interested in learning more terms? Stay tuned and keep an eye out for our upcoming blogs, where we will be defining more healthcare terms! Or, check out this glossary resource if you have a specific word you need help with. In the meantime, stay in touch with us via Twitter @surecohealth and Instagram @sureco_health.