5 Important Insurance Terms You Need To Know

When it comes to choosing the right health insurance plan there is no denying it can easily become an overwhelming and confusing journey. At Wilfinger Health + Life I am passionate about ensuring that my clients are secure and confident in their health insurance choices.

A common theme I see is the confusion that comes with insurance verbiage. This is why I wanted to round up the 5 important insurance terms you need to know in order to feel more confident and understand your insurance plan.

the 5 insurance terms you need to know

Premium: Is the payment you make to your health insurance company that keeps your coverage active.

Deductible: The amount you pay before your plan starts to pay.

Coinsurance: The percentage of costs of a covered health care service you pay (20%, for example) after you've paid your deductible.

Copay: The fixed dollar amount you pay at the time of getting care.

Maximum Out of Pocket: The most you have to pay for covered services in a plan year. After you reach it, your health plan pays 100% of the costs of covered benefits.

Knowing these 5 terms is going to allow you to be more confident and secure in your health insurance decisions, along with my help.

Interested in learning more?