Health Insurance Terms Glossary

When you know the terms associated with the health insurance industry you will have a much easier chance finding what you need. These are a few of the more common terms that you will want to keep in mind.

Coinsurance: After paying any deductible, this is the percentage of your bills that you will have to pay.

Co-payment: Each time you visit a health provider, a co-payment is the amount that you will have to pay to receive treatment.

Deductible: Before your insurance company begins to pay, a deductible is an amount that you are responsible for.

Disability insurance: Coverage that will pay you money if you are unable to work due to injury.

Indemnity plan: This plan pays for your medical expenses while letting you choose the doctor that best suits your needs. Many times this is also known as a reimbursement insurance plan.

Long term care insurance: This type of insurance will cover you if you have to live in a nursing home, assisted living, or other long term care facility.

Preexisting condition: This is a condition that existed before you obtained your health insurance coverage. In most cases an insurance company will make you wait a few months before these conditions are covered.