Premium
The amount you pay for your health insurance plan, typically on a monthly basis.

Deductible
The amount you must pay out of pocket for healthcare services before your insurance begins to cover costs.

Co-pay
A fixed fee you pay for specific services, such as a doctor’s visit or prescription medication, at the time of service.

Out-of-Pocket Maximum
The most you’ll pay during a policy period for covered healthcare services, after which your insurance pays 100% of the remaining costs.

Network
The group of doctors, hospitals, and other healthcare providers that your insurance company has contracted with to provide services at discounted rates.

Explanation of Benefits (EOB)
A statement from your insurer explaining what costs were covered for a medical service and what portion you may owe.

Claim
A request for payment that you or your healthcare provider submits to your insurance company for covered medical services.

Coinsurance
The percentage of costs you share with your insurance company after your deductible is met.

Formulary
A list of prescription drugs covered by your insurance plan, including details on costs and alternatives.