Financial literacy education for the modern era.
Back to Glossary
Insurance
Insurance Basics
Insurance protects you from financial catastrophe. Understanding different types helps you make informed decisions about coverage needs.
Health Insurance
Covers medical expenses including doctor visits, hospital stays, prescriptions, and preventive care.
Key Terms
Premium
Monthly payment to maintain coverage
Deductible
Amount you pay before insurance kicks in
Copay
Fixed amount per visit or service
Out-of-pocket Max
Maximum you'll pay in a year
Tips
- Compare plans during open enrollment
- Consider HSA-eligible high-deductible plans
- Check if your doctors are in-network
Insurance Priority Pyramid
Umbrella
Disability
Life Insurance
Home / Renters
Health & Auto (Required)
Build from the base up. Health and auto are foundational; umbrella is for those with assets to protect.