Do you understand health coverage terms?

To be a savvy healthcare consumer, you must first understand basic health coverage terms. The National Library of Medicine defines health insurance literacy as “a person's ability to seek, obtain, and understand health insurance plans, and once enrolled use their insurance to seek appropriate health care services.” The importance of literacy, or understanding of health coverage terms, applies to members of plans we administer.

Health Coverage Terms For Savvy Consumers

In the first article of this series, we discussed the financial impacts of choosing in-network doctors vs. out-of-network doctors. Now, let's explore the importance of understanding basic health coverage terms and what they mean for your bottom line.

Empower Yourself by Learning Healthcare Terms

You’ll feel empowered to navigate the complex world of healthcare when you become familiar with key health coverage terms. GoodRx emphasizes that this knowledge helps healthcare consumers, enabling them to make informed decisions throughout their family's healthcare journey. By taking the time to learn and understand these terms, you can be more in control of your healthcare decisions and ensure that you are making the best choices for your well-being and financial stability.

Healthcare Glossary

To help you get started, here are four commonly used terms from a healthcare glossary that you should know:

• Copay: A standard fee that you pay for a covered healthcare service. Know your co-pay, and you’ll know what it will typically cost you at the front desk before a doctor’s appointment.
• Coinsurance: The percentage of a total provider bill that a patient owes.
• Deductible: The amount a member pays each year for healthcare services before health plan benefits begin.
• Out-of-pocket limit: The most a member will pay for all healthcare services in a given plan year.

Here is a healthcare glossary from the Centers for Medicare & Medicaid Services with more definitions to help you understand health coverage.

Here is a flyer with more information.

Remember, understanding healthcare terms is the first step towards taking control of your healthcare decisions and maximizing the benefits of your health coverage. By taking the time to familiarize yourself with healthcare terms, you can make informed decisions, effectively manage your healthcare expenses, and save on provider costs. Trustmark takes pride in its exceptional customer service, and we encourage you to reach out to us if you have any questions or need further assistance. We are here to support you in your journey toward becoming a savvier healthcare consumer.