How Americans can save money when choosing a health insurance plan investinyou (In partnership with acorns.)
Forty-six percent of Americans say it's difficult for them to pay the out-of-pocket costs for medical care not covered by their insurance, according to an"It seems like people aren't able to maximize their welfare because they're having trouble understanding the decision environment," said Anya Samek, associate professor of economics at the Rady School of Management at the University of California, San Diego.
One major issue in choosing a health-care plan is people don't understand the lingo insurance companies use to discuss each plan. Only about 1 in 3 people are able to correctly identify three common health insurance terms: premiums, copays and deductibles, according to"This basic lack of literacy, I think, contributes to a number of problems that people have exhibited when they do choose from a plan," Bhargava said.
Watch the video above to learn why Americans struggle to pick the most financially beneficial insurance plan for them and how to avoid leaving money on the table.
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