Health Insurance Vocabulary

Co-insurance

The percentage of costs of a covered health care service you pay after you've paid your deductible

Co-pay

A fixed amount you pay for a covered health care service after you've paid your deductible

Deductible

The amount paid out of pocket by the policyholder before an insurance provider will pay any expenses

Health Insurance

A contract that requires your health insurer to pay some or all of your health care costs in exchange for a premium

Medicaid

A joint federal and state program that helps cover medical costs for some people with limited income and resources

Medicare

Federal health insurance for people 65 or older, and some people under 65 with certain disabilities or conditions

Network

The facilities, providers, and suppliers your health insurer or plan has contracted with to provide health care services

Out-of-pocket limit

The most amount of money you have to pay for covered services in a plan year

Premium

The amount of money you pay for health insurance every month