What do terms like deductible and copayment mean in health insurance?
An example of an AI chatbot conversation about understanding health insurance terminology.
What do terms like deductible and copayment mean in health insurance?
A deductible is the amount you pay for healthcare services before your insurance kicks in. A copayment is a fixed amount you pay for a specific service, like a doctor's visit.
How does a premium fit into this?
A premium is the amount you pay for your health insurance every month, regardless of whether you use any services.
Are there any other important terms I should know?
Yes, terms like out-of-pocket maximum, coinsurance, and network are also important to understand.
What is the out-of-pocket maximum?
The out-of-pocket maximum is the most you will have to pay for covered services in a plan year. After reaching this limit, your insurance covers 100% of the costs.
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