Summary of A terrible guide to the terrible terminology of U.S. Health Insurance

00:00:00 - 00:30:00

This YouTube video provides a guide to the terrible terminology used in U.S. health insurance. The video explains that some terms, such as "co-pay" and "deductible," are often confusing for people new to the system. The video provides advice on how to navigate the system and avoid being taken advantage of.

• 00:00:00 This video provides a brief overview of the terminology used in American health insurance. Brian David Gilbert explains that health insurance is a way to manage risk, and that it includes premiums, deductibles, and copays. He also provides an example of how a deductible works.
• 00:05:00 Health insurance terminology can be confusing, and this video provides a guide on the different terms and how they affect a person's expenses. Copays and coinsurance, as well as drug tiers, are all explained.
• 00:10:00 This YouTube video provides a guide to the terrible terminology of U.S. health insurance, which refers to prescription drugs into tiers according to their costs. Tier 1 typically refers to generic drugs, Tier 2 to brand-name drugs, and Tier 3 to fancier or non-preferred brand-name drugs. Drugs in Tier 4 are considered specialty drugs and are often very expensive. If you miss the open enrollment window for your health insurance, you are stuck with whatever health insurance you currently have.
• 00:15:00 An explanation of health insurance acronyms is provided, including HMO, PPO, EPO, and POS plans. The different benefits and drawbacks of each type of plan are highlighted. An HMO is the most common type of health insurance, with lower premiums but a requirement to stay in-network. A PPO offers more flexibility, but comes with a higher premium. An EPO is similar to an HMO, but does not require a referral from a primary care physician. A POS is a combination of an HMO and PPO, with the added benefit of out-of-network coverage. HSAs and MSAs are for tax purposes only, and FSA and MRA are for spending purposes only. There is no need for either of these acronyms if you do not have an HDHP or an employer that offers health benefits.
• 00:20:00 The author discusses various types of health insurance, including HSAs, FSAs, and MSA's, and highlight the key differences between them. He advises caution when signing up for any of these accounts, as mistakes can lead to tax problems and other unexpected expenses.
• 00:25:00 This video discusses the various confusing terminology used in U.S. health insurance, and provides examples of how this terminology can be confusing and difficult to understand. It also provides advice on how to navigate the system and avoid being taken advantage of.
• 00:30:00 This YouTube video provides a guide to the terrible terminology used in U.S. health insurance. The video explains that some terms, such as "co-pay" and "deductible," are often confusing for people new to the system.