What are some common healthcare insurance terms I should know?

What are some common healthcare insurance terms I should know?

Some common terms include premium, deductible, copayment, and out-of-pocket maximum. Would you like to know more about any specific term?

What does premium mean?

A premium is the amount you pay for your health insurance every month. It's like a subscription fee for your coverage.

And what about deductible?

A deductible is the amount you pay for healthcare services before your insurance starts to pay. For example, if your deductible is $1,000, you need to pay that amount out of pocket before your insurance kicks in.

Can you explain copayment?

Sure! A copayment, or copay, is a fixed amount you pay for a specific service, like a doctor's visit or prescription, at the time of service.

Thanks! This is really helpful.