Understanding key health insurance terms
Published on March 8, 2018
Insurance plans can differ in which providers you can see and how much you have to pay. It’s important to understand your costs and key health insurance terms, so you’ll know what services your plan will pay for and how much each visit or medicine will cost.
Important key words explained
- Deductible: The amount you owe for covered health care services before your health insurance or plan begins to pay.
- Copayment: An amount you pay as your share of the cost for a medical service or item, like a doctor's visit.
- Coinsurance: Your share of the cost for a covered health care service, usually calculated as a percentage (like 20%) of the allowed amount for the service.
- Premium: The amount you pay for your health insurance or plan each month.
- Network: The doctors, hospitals, and suppliers your health insurer has contracted with to deliver health care services to their members.