Health Insurance Definitions

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4 Terms

1
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Premium

Monthly fees an individual pays for insurance

2
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Deductibles

Amount paid for healthcare/medical services before policy coverage—what your insurance agrees to cover

3
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Co-insurance

% of expenses shared by patients and their insurance company—ex) company pays 80%, patient pays 20%

4
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Co-payment

Specific amount that is always due at the time of service—ex) $10 per visit/examination/appointment