Insurance
Health Insurance Terms Explained Simply
Health insurance uses a lot of jargon. These five terms explain most of what you will pay.
Premium
The amount you pay every month to keep the plan active, whether or not you use care.
Deductible
What you pay for covered care before the plan starts to share the cost. Some services may be covered before you meet it.
Copay and coinsurance
- Copay: a fixed amount for a service, such as a doctor visit.
- Coinsurance: a percentage of the cost you pay after the deductible.
Out of pocket maximum
The most you pay in a year for covered in network care. After that, the plan pays covered costs for the rest of the year.
Check the network
Plans have networks of doctors and hospitals. Going outside the network can cost more or may not be covered. Always check that your doctors are included.
General information only, not financial, legal or insurance advice. Rules, prices and benefits vary by state and by policy. A licensed professional can explain what applies to you.