Insurance

Question 1

Premium

Answer 1

Paid every month (like a shared healthcare piggy bank)
●Insurance through work: employer mostly pays premium and fixed amount comes out of paycheck
●Medicaid: state and fed government pay the premium
●Health insurance market place: Tax credit that pays portion of premium

Question 2

Copay

Answer 2

Specific dollar amount for a service

Question 3

Coinsurance

Answer 3

Specific percentage of the bill

Question 4

Deductible

Answer 4

How much comes out of your pocket before insurance starts paying

Question 5

Out of pocket maximum

Answer 5

Most you have to pay in year for benefits that are covered.

●Insurer pay 100% of anything beyond maximum for rest of year

Question 6

Formulary

Answer 6

Insurance list of drugs with varied prices

Question 7

Provider Network

Answer 7

list of doctors and hospitals associated with your plan.
●Insurance negotiate discounts with providers.
●If you go out of network, may have to pay full price