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.