Healthcare Terms

• Coinsurance- Is a shared percentage paid by you and the policy before the insurer pays at 100%.
• Copay- Is a fixed amount that you pay toward office visit charges.
• Deductibles- The amount of covered expenses you pay each calender year before benefits are paid.
• Wellness Benefit- If in the network are rountine services like pap smears, mammogram, prostate screening, and routine physical exam.
• Lifetime Maximum- Is the amount the insurance policy will pay out in a life time and is usually per insured.
• Out of Pocket- Is The maximum amount you pay per calender year for covered expenses. Some are per individual or family.
• HSA- Health Savings Account. Tax free savings for healthcare expenses.
• Waiting Period- The period of time before the insured is eligible for benefits under the policy.
• Pre existing condition- Condition you had before you receive the healthcare policy.
• In Network- Physicians, hospitals, and other facilities that are contracted by the insurance company to provide care at a discounted rate.
• Out of Network- Is the physicians, hospitals, and other facilities that are not ontracted by the insurance company.