Insurance vocab

Health insurance - helps pay for medical and surgical expenses

Subsidizing - providing financial assistance to lower the cost of insurance premiums

Self insured - company assumes the financial risk of providing health benefits to its employees rather than buying insurance

Disability insurance - provides income replacement in you cannot work due to illness or injury

Supplemental insurance - provides additional coverage beyond basic health insurance, like dental or vision care

High deductible health plan - lower premiums but higher out of pocket maximums

Health savings account (HSA) - allows you to save money tax-free to pay for medical expenses

Elimination period - waiting time before disability benefits begin

Long-term care insurance - helps cover the cost of nursing homes, assisted living, or home care

Whole life insurance - provides coverage for the insured’s entire life and builds cash value

Comprehensive insurance - covers damage to your vehicle caused by things other than collisions, such as theft and weather

HSA (own words)- savings account for medical costs

HDHP (own words) - while there’s lower premium, theres also a higher deductible

PPO - Provider care outside of plan’s network is welcome

HMO - lower premium, PCP coordinates care, restrictive to providers