Insurance Literacy for Real Life
You have insurance. But do you actually understand it? Most people don't — and that gap costs them thousands every year. Bean breaks it all down in plain English so you can use your coverage with confidence.
Ask Bean a QuestionUnderstanding Your EOB
An Explanation of Benefits is not a bill — but most people treat it like one. Learn what each section means and how to spot errors before you pay anything.
Key Takeaways
- Check the "Amount Billed" vs "Amount Allowed"
- Verify your deductible and out-of-pocket amounts
- Look for services you don't recognize
- Compare to your actual bill before paying
Deductibles, Copays & Coinsurance
These three things determine what you actually pay — and most people don't understand the difference until they get a surprise bill.
Key Takeaways
- Deductible: what you pay before insurance kicks in
- Copay: flat fee per visit or prescription
- Coinsurance: your percentage after the deductible
- Out-of-pocket max: the most you'll ever pay in a year
In-Network vs. Out-of-Network
Going out of network can cost you 2-3x more — or leave you with the entire bill. Here's how to check before your appointment.
Key Takeaways
- Always verify network status before scheduling
- Ask if the facility AND the doctor are in-network
- Anesthesiologists and radiologists are often out-of-network
- The No Surprises Act protects you in emergencies
Open Enrollment — Don't Miss It
You get one chance per year to change your health insurance. Missing open enrollment means you're stuck until next year — unless you have a qualifying life event.
Key Takeaways
- Employer plans: typically Nov 1 – Dec 15
- ACA Marketplace: Nov 1 – Jan 15
- Qualifying events: marriage, birth, job loss
- Review your plan every year — it changes
Life Insurance with Living Benefits
Modern life insurance isn't just for when you die. Living benefits let you access your death benefit while you're alive if you're diagnosed with a critical illness.
Key Takeaways
- Critical illness riders cover heart attack, stroke, cancer
- Chronic illness riders help with long-term care costs
- Terminal illness riders provide early access to funds
- These benefits don't cost extra on many policies
Long-Term Care Planning
70% of people over 65 will need some form of long-term care. Most people have no plan for how to pay for it. Medicare covers very little.
Key Takeaways
- Medicare only covers short-term skilled nursing care
- Medicaid requires spending down most of your assets
- Long-term care insurance locks in lower rates when young
- Hybrid life/LTC policies offer flexibility
Still Have Questions?
No question is too basic. Bean has heard them all — and she loves helping people finally understand their coverage.