Important Health Insurance Terms to Know

kabco benefits health insurancePurchasing health insurance can be tricky, starting with the lingo! Whether you’ve had insurance before or you’re new to the market, we want to give you an easy breakdown of the basic words you need to know to get on the road to the best health insurance policy for you!

  • Premium: this is the amount you will have to pay on a monthly basis.
  • Deductible: the amount of out of pocket money you need to spend before your insurance company begins covering costs.
  • PPO: Preferred Provider Organization means your insurance provider has a list of approved doctors and facilities and out-of-network coverage is usually lower.
  • HMO: Health Maintenance Organization means you have to pick a primary care physician who then needs to refer you to specialists and beware of what services you get so that you are covered.
  • Copay(ment): the amount you have to pay out of pocket for a doctor’s visit and/or prescription drugs and the insurance company covers the rest.
  • CoInsurance: The amount you pay after the deductible is paid.  This is also called cost sharing.  Where you pay a certain percentage and the company pays a percentage till you hit a Cap, or Max out of Pocket limit.
  • Platinum, Gold , Silver , Bronze, Catostraphic   This are the new plan metal levels and they are categorized based on the actual max out of pocket you might pay but be careful,  not all of the same metal level plans are equal.

Got terms you don’t understand? Let us help you navigate the world of health insurance and insurance marketplaces. Contact Kabco Benefits today to help you pick the health insurance that best accommodates your health needs.

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