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
- HMOA health plan that keeps costs lower by requiring you to use a set network of providers and get referrals for specialists.
- NetworkThe group of doctors, hospitals, and providers an insurer contracts with to offer care at negotiated rates.
- In-NetworkProviders who have a contract with your insurer, meaning you pay less when you use them.
- CopayA fixed dollar amount you pay for a specific service, like a doctor visit, at the time you receive it.
- CoinsuranceThe share of a covered cost you pay as a percentage after meeting your deductible, with insurance covering the rest.
- PremiumThe regular payment you make to keep an insurance policy active, usually billed monthly, quarterly, or yearly.
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Plain-English education — not personalized legal, tax, or investment advice.