Understanding the 5 Key Health Insurance Terms: Premium, Deductible, Copayment, Co-Insurance, and Max Out of Pocket

Getting confused about Health Insurance, well your not the only one. Below are some key terms you will need to know.

Let’s start with an easy one……

  • Premium: Youconfusedr Premium is the dollar amount that you pay for your health insurance plan. This varies depending on your plan, your age, and location that you live in.
  • Deductible: Your Deductible is the amount of money you pay before some medical procedures are covered. An example would be: If you had a $500 Deductible and a hospital stay is subjected to Deductible you would pay $500 and then the Insurance Company would pay a percentage of the remanding bill.
  • Copayment: Your Copayment is the dollar amount you will pay to receive medical care such as $25 for an office visit and the insurance company pays the rest.
  • Co-Insurance: Your Co-Insurance is the cost sharing between you and the insurance company. After your deductible is met, you and the insurance company cost share the remaining amount of the bill.
  • Max out of Pocket: This is the maximum amount of money you will have to pay out of pocket for medical expenses per year, not to include Premiums or Copayment.

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