COMMON INSURANCE TERMS AND DEFINITIONS:
Deductible:
The amount of money you pay before your insurance company pays anything.
Coinsurance:
The percentage of the cost of a covered service that you will have to pay AFTER your deductible is met.
Co-Payment:
A fixed amount that you will have to pay for a covered service AFTER your deductible is met.
Premium:
The amount you pay to your insurance company for health benefits / coverage.
Out of pocket Maximum / Limit:
The most you will be expected to pay for covered services during the course of you annual insurance plan.
The amount of money you pay before your insurance company pays anything.
Coinsurance:
The percentage of the cost of a covered service that you will have to pay AFTER your deductible is met.
Co-Payment:
A fixed amount that you will have to pay for a covered service AFTER your deductible is met.
Premium:
The amount you pay to your insurance company for health benefits / coverage.
Out of pocket Maximum / Limit:
The most you will be expected to pay for covered services during the course of you annual insurance plan.