Oct 22, 2024 · 5 min read
Health Insurance Jargon Buster: Deductibles, Co-pays, and Premiums Explained
Feeling lost in a sea of health insurance terms? This guide breaks down the essential vocabulary you need to know to choose the right plan and avoid costly surprises.
Choosing a health insurance plan can be one of the most confusing financial decisions. Understanding the core terminology is the first step to making a confident choice.
Key Terms Defined
- Premium: The fixed amount you pay regularly (usually monthly) to keep your insurance policy active.
- Deductible: The amount you must pay out-of-pocket for covered services before your insurance plan starts to pay.
- Co-payment (Co-pay): A fixed amount you pay for a covered health care service after you've paid your deductible.
- Coinsurance: The percentage of costs of a covered health care service you pay after you've paid your deductible.
Feeling clearer? Now, let our AI help you find a plan that balances these factors based on your personal health needs and budget.
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