Premiums, co-pays, deductibles, in-network, out-of-network ...welcome to the wonderful world of health insurance. And you thought advanced calculus was confusing!

Chances are, up until now you've been covered by your parents' health insurance. They probably chose your doctors, oversaw your care, and paid your bills. But maybe you're getting to a different point in your life.

Beginning to take charge of your own health care is a big step and it can be a little overwhelming. Here's a quick crash course on insurance.

What Exactly Is Health Insurance?

Health insurance is a plan that people buy into in return for coverage on all kinds of medical care. Most plans cover doctors' appointments, emergency room visits, hospital stays, and medications.

The idea behind insurance is simple: Medical care can be so expensive that most people can't pay for it entirely out of their own pockets. But if a group of people gets together, and they each agree to pay a fixed amount every month (whether they need medical care at that time or not), the risk is spread out over the whole group. In other words, each person is protected from high health care costs because the burden is shared by many.

Do I Really Need It?

You're young, you spend more time in the gym than David Beckham, you rarely get anything worse than a cold, and your great-grandparents are still kicking at 99. Why bother spending money on insurance? The odds are pretty good that you'll never get seriously sick, right?

We certainly hope so. But every day, thousands of "perfectly healthy" people break bones, need stitches, get into car accidents, find out they have illnesses, or are told they need surgery for one condition or another.

You may never be one of them. But what if you are? Medical bills from even a minor car accident can wreak havoc on your finances. A major illness can wipe out your family's savings as well. Insurance may be expensive, but not having it may cost way more.

OK, So Maybe I Do Need It. How Can I Get It?

There are many different ways to buy health insurance, and the costs and benefits vary widely for each one. You'll need to see which options are available to you, given your age and employment status, and also which one best meets your needs. You'll probably need to wade through a lot of health care buzzwords, too.