Common Insurance Terms

Coinsurance – The percentage of costs you pay after meeting your deductible. Example: If your plan has 20% coinsurance, you pay 20% of covered services, and insurance pays 80%.

Deductible – The amount you must pay first before your insurance starts covering costs. Example: If your deductible is $1,000, you pay the first $1,000 of medical expenses before insurance kicks in. Therapy is a medical expense.

Out-of-Pocket Max – The most you will have to pay in a year for covered services (including deductible, coinsurance, and copays). After reaching this limit, insurance covers 100% of covered costs for the rest of the year.