Econ Vocab 04/22/24

Something people buy to protect themselves from losing a lot of money in the event something happens to them or their property

Your monthly payment to your insurer, regardless of whether you use any services

The amount you owe before insurance will cover the rest of the bill

Systematic approach to identifying, assessing, and addressing risks to safeguard yourself against harm

The percentage of covered medical expenses you are responsible for paying after your deductible is met

The costs of medical care that are not covered by insurance and that you need to pay for on your own

Provides insurance for individuals in low-income households

Provides insurance for the elderly or disabled

Insurance companies operate by charging individuals different prices for coverage depending on their risks levels. Then, they collect everyone's monthly premiums together and use the money to make payments when people file a claim

A federal or state-run website with the individual health insurance plans available in a given state