Insurance Basics
It is the term for a contract that provides financial coverage for medical expenses.
What is health insurance?
The type of plan limits coverage to care from doctors in its network.
What is an HMO?
A fixed amount you pay at the time of service.
What is a copay?
The monthly amount you pay for health coverage.
What is a premium?
This is the name of the portion of your health insurance paid by your employer.
What is a contribution?
Its a federal-state program that provides health coverage for low-income individuals.
What is Medicaid?
This type of plan allows you to see out-of-network providers, but at a higher cost.
What is a PPO?
The annual amount you must pay before insurance starts covering.
What is a deductible?
This is typically lower with an HMO.
What is premium?
These pre-tax accounts can be used for out-of-pocket health expenses?
What are FSA, HSA and HRA?
It is the term for the yearly period when people can enroll in a health plan.
What is open enrollment?
This plan allows you to receive care out of network without a referral.
What is a PPO plan?
The maximum you pay in a year before insurance covers 100%.
What is out-of-pocket maximum?
This cost-sharing mechanism is typically expressed as a percentage.
What is coinsurance?
This document outlines health benefits offered by an employer.
What is the Summary of Benefits?
It is the term for a doctor or hospital that agrees to your insurer’s terms.
What is an in-network provider?
This type of plan gives a tax-advantaged savings option for high-deductible plans.
What is an HSA-qualified HDHP?
The portion of costs you share after meeting the deductible.
What is coinsurance?
When you visit a doctor not in your plan’s network, what might you pay more of.
What is out-of-pocket expense?
This type of insurance covers work-related injuries.
What is workers’ compensation?
The type of insurance that protects you from high unexpected medical bills.
What is catastrophic coverage?
This type of plan requires a primary care physician referral to see specialists.
What is an HMO?
The term for the group of providers your insurance has agreements with.
What is a network?
This part of your plan might not apply toward your deductible.
What is your premium?
This federal law that allows temporary coverage after leaving a job.
What is COBRA?