Definitions

Annual Out-of-Pocket Maximum – The most a plan member will pay per year for covered health expenses before the plan pays 100 percent of covered health expenses for the rest of that year.

Co-Insurance – The percentage you pay directly to the provider after you meet your deductible.

Copayment (Copay) – A dollar amount you pay directly to the provider.

Deductible – What you must pay to your provider each calendar year before the health plan will make a payment for any claim.

Health Savings Account (HSA) – A tax-advantaged medical savings account available through a financial institution. Funds from the account can be used to help pay for health plan out-of-pocket expenses, such as deductibles and co-insurance.

Premiums – The amount you pay (usually monthly) for health insurance coverage for a specific period of time.