Preparing for Open Enrollment
With Open Enrollment approaching, it's time to make important health care benefit decisions for you and your family. We’re here to help!
Defining Terms – What does this all mean?
As you start to review your options, you'll probably hear some industry jargon. Here are a few key terms you should know:
|Premium||The amount you pay for helath insurance each month.|
|Deductible||The amount you pay out of pocket for covered health care services before your insurance plan starts to pay.|
|Copay||A fixed amount ($20, for example) that you must pay for a covered health care service.|
|Coinsurance||A percentage of the cost associated with a covered health care service that you must pay (20%, for example) after you've paid your deductible.|
|Out-of-pocket max||The most you'll have to pay out of pocket for covered services in a plan year.|