Health insurance plans differ in terms of the service provider and the amount you pay for your coverage. It’s critical to understand your expenses and essential health insurance coverage terms. It will help you know the type of services your plan covers and how much each appointment or medication will cost.

Important Key Terms Explained

  • Premium

The amount you’ll pay for your health insurance plan every month is referred to as a premium.

  • Network

The medical professionals, suppliers, and hospitals your insurance company has contracted with work as a network. They aim to provide health and other medical care services to their consumers.

  • Deductible

The amount you must pay for covered medical care services before your health insurance or plan starts.

  • Copayment

The amount you spend as your share of the expense of a healthcare service or item, such as a doctor’s visit

  • Coinsurances

Your share of the expense for a covered healthcare service—typically expressed as a percentage (i.e., 20%) of the approved amount for the medical services.

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