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Health Insurance Terms You Should Know

Interest in health insurance has never been higher in Los Angeles. As you read about the Affordable Care Act (ACA) and other changes, Save-on Health Insurance Services recommends you keep these terms in mind:

Premium: The monthly fee you pay to the insurance company for your coverage.

Exchange: Under the ACA, people who do not receive health insurance through their employers can purchase it through an exchange, such as Covered California.

Copayment: The fee a health plan member must pay for an office visit or other procedure. This is an out-of-pocket expense, which will not be reimbursed by the insurance company.

Coinsurance: The amount of a medical bill that a member must pay. This amount is usually a percentage of the total cost.

Deductible: The amount a health plan member must pay before insurance reimbursement begins. Depending on the plan, the amount can range from nothing to thousands of dollars.

Out-of-pocket: Costs that are borne by a health plan member, without reimbursement. When the out-of-pocket maximum is reached, the insurer pays 100 percent of all approved medical expenses.

Mandate: The provisions in the ACA requiring individuals and employers to provide insurance or pay additional taxes.

Save On Insurance Services, Inc. can guide you through the health care changes. Learn more by contacting us.