It's tough navigating through the challenging world of health insurance especially if you do not have the basic terminology down. Below are some common terms and definitions to help you understand health insurance. Feel free to save this blog for future reference!  

Premium

The premium is the amount you (or your employer) pay for your health insurance plan whether you use medical services or not. In most cases, it’s paid monthly, but can be paid every 3 months or yearly.

Deductible

A deductible is the amount you must pay before the health plan starts paying for your covered services. For example, if your deductible is $1,000, your plan won’t pay for some services until you’ve paid $1,000. In most cases, the higher your deductible, the lower your premium. The lower the deductible, the higher premium.

Coinsurance

Coinsurance is the percentage of the cost that you must pay for a covered service. It applies after you meet your deductible.

For example,...