When it comes to buying health insurance, it is very important to compare health insurance plans. Doing so lets you find the best deal: affordable premiums and deductibles with the coverage you need. It only becomes more complicated when multiple family members need long- or short term health insurance. However, selecting among the various types of health insurance plans available is difficult when your math skills are not up to par.
If you aren’t a math whiz, you’re not alone. Just one in seven Americans were found to be proficient in relevant mathematics skills–a figure that includes college graduates! Calculators and reputable advice are very helpful, but are sometimes not enough. Math allows you to better understand your purchases, as well as make sure that you got the right price. That applies whether it’s a washing machine, a car, or COBRA insurance.
What impact does this have on buying health insurance plans? A sample question asks an employee to figure out the premiums he or she needs to pay under an employer-sponsored health insurance plan, given a table that shows how costs vary based on family size and annual income. Unfortunately, most respondents were unable to solve the problem. Brushing up on basic math (no complicated calculus or trigonometry needed) will help improve your life in many ways; making the purchase of individual health insurance easier is only one of them.
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