With so many acronyms being used in the insurance world, it’s likely that your employees, and possibly even you, are confused as to what all these acronyms mean.
We are excited to share with you a fantastic resource we have available right on our website to help better understand many insurance terms. Our Glossary of Group Insurance Terms is an extensive, alphabetical list of insurance terms that is easy to read and understand.
A Step Further
To further help your employees understand your health plan, we have also recently revised our materials that we provide our clients during the open enrollment period. Realizing that few people understand health plan communications, these new handouts contain simpler language and a more colorful, easy to follow design. The new look is intended to be more engaging, while the updated content is intended to simplify readability.
Consider the word deductible. It’s likely that most people understand what deductible means, but do they understand how it applies to their health plan? Or how about co-insurance? That’s a big word used a lot in health plan communications. Even terms like out-of-pocket maximum, network and copay can be confusing. We still use all these words in our handout, but the handouts now contain definitions for these terms in simpler language, so your employees understand and utilize their benefits effectively.
Utilize their benefits effectively. That, right there, is exactly our goal; to help your employees utilize their benefits in the most effective way possible. Research conducted by the American Medical Association Foundation showed that an estimated $73 billion is spent each year on medical care due to poor health literacy. Yes, you just read that right. $73 billion. So as we continue to focus on creating and updating communication materials that use simpler language – you, and your employees, are highly encouraged to use our Glossary of Group Insurance Terms should you run into terms elsewhere that need further clarification.