deductible
A deductible is a set amount you have to pay every year toward your medical bills before your insurance company starts paying. It varies by plan and some plans don’t have a deductible. Your plan has a $1,000 deductible.

What is the term for the amount of money that must be paid each year for services before the insurance company begins to pick up the payments?

Calendar Year Deductible
Calendar Year Deductible. The amount that the insured person must pay before insurance payment for covered service begins.

What are considered out of pocket medical expenses?

Out-of-pocket expenses are the costs of medical care that are not covered by insurance and that you need to pay for on your own, or “out of pocket.” In health insurance, your out-of-pocket expenses include deductibles, coinsurance, copays, and any services that are not covered by your health plan.

What does it mean to pay flat fee for health insurance?

You pay a flat fee for certain medical expenses (e.g., $10 for every visit to the doctor), while your insurance company pays the rest. Deductible —the amount of money you must pay each year to cover eligible medical expenses before your insurance policy starts paying.

What do you call the company that pays for your health insurance?

It includes deductibles, copayments, and coinsurance, but is in addition to your regular premiums. Beyond this amount, the insurance company will pay all expenses for the remainder of the year. Payer —the health insurance company whose plan pays to help cover the cost of your care. Also known as a carrier.

What does the term benefit mean in health insurance?

Benefit —the amount payable by the insurance company to a plan member for medical costs. Benefit level —the maximum amount that a health insurance company has agreed to pay for a covered benefit.

What do you mean by coinsurance in health insurance?

Claim —a request by a plan customer, or a plan customer’s health care provider, for the insurance company to pay for medical services. Coinsurance —the amount you pay to share the cost of covered services after your deductible has been paid. The coinsurance rate is usually a percentage.