Helpful Insurance Terms:
Premium: An amount of money that is paid to a health plan by yourself or an employer group in exchange for health care benefits.
Co-Pay: A payment you make for a health care visit, in addition to the payment made by your insurance company.
Co-Insurance:Deductible: The dollar amount a patient must pay before his insurance plan will begin to cover his health care costs. Most deductibles must be met each calendar year.
Out-of-Pocket Maximum/Limit: The most you have to pay for covered services in a plan year. After you spend this amount on deductibles, co-payments and co-insurance, your plan pays 100-percent of the costs of covered benefits.