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Americans have heard they're paying an arm and a leg for health insurance, and they generally know something called Obamacare is looming in the very near future, poised to change the way health insurance is administered.
But for many, that's about as far as the knowledge goes. It turns out that only half the adults in the country have even a basic knowledge of health insurance terms. An August phone survey of 1,000 adults, conducted for the American Institute of CPAs by Harris Interactive, found that 51 percent couldn't accurately identify the terms premium, deductible and copay.
Thirty-four percent thought a premium was an expense that you pay when you receive medical services or a prescription. Twenty-seven percent thought a copay was the cost of obtaining insurance. And 12 percent didn't know a deductible is the money you have to pay before the insurance company...