Key Terms in Health Insurance

Premium

Amount you pay for coverage on a monthly basis

Deductible

Amount you must pay out of pocket before insurance will cover non-essential benefits

Co-pay

Fixed fee you pay when you receive service at a Dr. or pharmacy. Insurance company will then review your care and see if you owe more, in which case they’ll send you a bill.

Co-insurance

This is like a copay, but when you pay a percent of the cost, rather than a flat fee.

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