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.
- 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.
- ClaimA formal request you file with your insurer to be paid for a covered loss or medical expense.
- PolicyThe written contract between you and an insurer that spells out what is covered, for how much, and under what terms.
- BudgetA plan for the money you already earn — deciding where each dollar goes before it disappears.
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Plain-English education — not personalized legal, tax, or investment advice.