Health Insurance
Also called: medical insurance, health plan, health cover
Health insurance covers medical costs through a structure of premium, deductible, copays, coinsurance and an out-of-pocket maximum. Comparing plans on premium alone is the standard mistake: the right comparison is total annual cost in a good year and in a bad year, which means premium times twelve versus premium plus the out-of-pocket maximum. Network coverage is the third axis and the one that produces surprise bills.