Health insurance isn’t getting any cheaper. In fact, it’s getting a lot more expensive.
Insurance costs have increased 740% since 1984, according to data company Clever. And employers are already reporting a 3% to 4.5% rise in premiums for 2021 due to the Covid-19 crisis.
With such an expensive commodity, it is important to take advantage of any savings you can get.
While the inner workings of health insurance can get complicated, the basics are pretty simple: You pay money every month so that when you have an accident or get sick, your medical costs aren’t so expensive that they bankrupt you.
Two of the most important terms in health insurance are “premiums” and “deductibles.”
Check out this video to see how the two work and to learn how you can use them to get the most out of your insurance.
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Disclosure: NBCUniversal and Comcast Ventures are investors in Acorns.
