Top four insurance terms Americans need to understand

Out-of-Pocket-Maximum

The maximum amount a person would have to pay out of their pocket during a year for health services (excludes monthly premium).  

Co-Pay

The fixed amount a person must pay when they receive medical care (doctor's office visit, lab test, prescription drugs, etc.).  

Deductible

The amount of money people must spend (out of pocket) before their insurance plans begin covering the cost of health services.  

Coinsurnace

The percentage of health costs a person would be required to pay after their deductible limit is reached.  

 

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