A fuller guide to this term is on the way. In the meantime, the related terms below explain the ideas around it.
Related MoneyPedia terms
- DeductibleThe amount you pay out of pocket for covered costs before your insurance starts chipping in.
- Out-of-Pocket MaximumThe most you will pay for covered care in a year, after which insurance covers eligible costs fully.
- PremiumThe regular payment you make to keep an insurance policy active, usually billed monthly, quarterly, or yearly.
- Flexible Spending Account (FSA)An employer account that lets you set aside pre-tax money for medical or dependent care costs within a plan year.
- CoinsuranceThe share of a covered cost you pay as a percentage after meeting your deductible, with insurance covering the rest.
- Roth IRAA retirement account funded with after-tax money that grows and comes out tax-free.
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Plain-English education — not personalized legal, tax, or investment advice.