Health Savings Accounts
Long Term Care Insurance
amount during the calendar year an insured pays before the insurer makes
payment for covered medical services.
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.
The designated period where any individual can apply for new or change existing
A designated period of time, typically 60 days following the
qualifying event, where an individual can apply for new or change existing
Health Insurance: Insurance
to cover the costs or losses incurred if an insured falls ill or becomes
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.
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