Here are some basic terms you should know as you shop for a health plan or look for a doctor:
- Open enrollment - A period of time in which you can purchase an individual health insurance plan
- Special enrollment - There may be some exceptions which allow you to enroll outside of open enrollment. Contact a trained agent to see if you may qualify.
- Premium - Your payment for a health insurance plan, usually a monthly payment
- Out-of-pocket costs - Your share of healthcare costs
- Deductible - The amount you owe for covered healthcare services before the insurance company starts to pay
- Co-pay - A fixed amount you owe for covered healthcare services usually due at the time of the service
- Co-insurance - The amount you owe for healthcare services after the deductible is met
- Savings - A type of discount or tax credit. If you qualify, it will help lower your insurance premiums or out-of-pocket costs.