Health Insurance Terms

Understanding Your Healthcare Plan's Payments

Over the course of a year, there are several different types of healthcare payments that you might make*.

Calendar Premium: 
This is the amount of money that keeps your health insurance active. You’ll pay your premium once a month, all year long.
Copay:
The set amount of money you pay at the time of certain medical services, such as doctor visits or picking up prescriptions.
Wallet surrounded by a doctor icon, medical icon, and a prescription icon
Wallet with money Deductible: 
The fixed amount of money that you are responsible for paying before your insurance starts to pay. Whether or not you meet your deductible depends on how much healthcare you need throughout the year.
Coinsurance:
The portion of your medical bill you pay, for certain services, after you meet your deductible. Think of coinsurance as splitting your healthcare costs with your insurance company.
Pie chart with a portion singled out
Wallet with money Out-of-Pocket Maximum:
The total amount you’ll spend for healthcare, after which the insurance company pays for all your medical care until the year ends.

 

*How much you pay and whether or not you reach each step will depend on your healthcare plan’s specific conditions..