The amount of money an individual or employer pays to an insurance company in exchange for health coverage. It’s typically paid monthly, and failure to pay can result in loss of coverage.
The amount of money that an insured person must pay out of pocket before the insurance company begins to cover expenses. Usually, higher deductible plans have lower premiums.
A percentage of the cost of covered healthcare services that the insured must pay after meeting the deductible. For example, if the coinsurance is 20%, the insured pays 20% of the cost while the insurance company covers the remaining 80%.
The maximum amount of money an insured person will have to pay for covered services during a policy period. Once this limit is reached, the insurance company covers 100% of the remaining covered expenses.
Services such as screenings, vaccinations, and counseling aimed at preventing illness or detecting health conditions early when they are most treatable. Many insurance plans cover preventive care at no cost to the insured.
The facilities, providers, and suppliers that are contracted with an insurance company to provide healthcare services to insured individuals. Staying within the network often results in lower out-of-pocket costs for the insured.
A tax-advantaged savings account available to individuals enrolled in a high-deductible health plan. Funds deposited into an HSA can be used to pay for qualified medical expenses, and contributions may be tax-deductible.
A subsidy provided by the government to help eligible individuals and families afford health insurance premiums purchased through the Health Insurance Marketplace. The amount of the credit is based on income and family size.
The designated time each year during which individuals and families can enroll in or make changes to their health insurance coverage. Outside of this period, enrollment or changes may only be allowed under special circumstances (such as marriage, birth, or loss of other coverage) during a period known as a special enrollment period.