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Health Savings Accounts

Long Term Care Insurance

Definitions:
Deductible: An amount during the calendar year an insured pays before the insurer makes payment for covered medical services.

Coinsurance: After the deductible has been satisfied, the plan will share costs according to the percentage level shown. Coinsurance continues to apply until a member has reached their out of pocket maximum for the calendar year.

Co-Pay: A fixed dollar amount required by an insured at the time a medical service is received. Usually associated with an office visit or a prescription drug purchase, and typically not subject to deductible.

Out of Pocket Maximum: The maximum amount a member will have to pay under the health plan in a calendar year. This maximum will include the plan deductible and co-pays.

Open Enrollment: The designated period where any individual can apply for new or change existing coverage.

Special Enrollment Period: A designated period of time, typically 60 days following the qualifying event, where an individual can apply for new or change existing coverage.

Health Insurance: Insurance to cover the costs or losses incurred if an insured falls ill or becomes injured.

Temporary or Short-Term Medical: Insurance plans meant to bridge the gap in permanent coverage. Temporary or Short-Term plans cover the costs or losses incurred if an insured falls ill or becomes injured.

Medicare Supplement: Policies that supplement your Original Medicare benefits. Medicare pays first, and a Medicare Supplement plan pays second.

Employer Contribution: The amount an employer pays towards the cost of the eligible employee’s insurance premiums.

Life Insurance: Insurance that pays out a sum of money either after an insured passes away or after a set period.