Understanding health insurance

To help you better understand your plan, we’ve defined five key health insurance terms you should know:

• Copay
  A flat fee (e.g., $15) you pay for covered health services, such as a x-ray.

• Deductible
  The dollar amount you must pay each calendar year before insurance begins to pay for certain health services. You pay the plan deductible first then coinsurance (%) may apply.

• Coinsurance
  The percentage (%) you may pay for services after you meet the plan deductible. It's also known as "cost sharing."

• Out-of-Pocket Maximum
  The most you pay for covered health care services during your plan's calendar year. All of your covered expenses go toward this maximum. Once you reach the maximum, your health care plan pays 100% toward covered services and you don't pay anything.

• Premium
  The regularly scheduled amount of money you must pay each month to keep your insurance active.