Picking health insurance can be tricky: 6 key terms to know as open enrollment starts
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Sdi Productions | E+ | Getty Images Many people will soon be picking their health insurance plans for 2024: November is a common month for workplace open enrollment, and the public marketplace opens Nov. 1. But choosing a health plan can be tricky. In fact, a 2017 study found many people lose money due to suboptimal choices: Sixty-one percent chose the wrong plan, costing them an average $372 a year. The paper, authored by economists at Carnegie Mellon University and the Wisconsin School of Business, examined choices made by almost 24,000 workers at a U.S. firm. More from Personal Finance: 'Cash stuffing' may forgo 'easiest money' you can make These credit cards have had 'increasingly notable' high rates Home 'affordability is incredibly difficult,' economist says Health plans have many moving parts, such as premiums and deductibles. Each has financial implications for buyers. "It is confusing, and people have no idea how much they