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Financial Literacy - Insurance
TOOLS AND RESOURCES
Insurance toolkit
Glossary terms, calculators, work sheets and lots of strategies are provided to help you comprehend insurance.
Understanding insurance needs

Glossary of health insurance terms

Arguably the most vital coverage to have, health insurance can mean the difference between life and death. If terms on your policy confuse you, look up the definition here.

21 must-know health insurance terms
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5. 15.
6. 16.
7. 17.
8. 18.
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10. 20.
  21.

1. Co-insurance -- In health insurance, the percentage of the claims that an individual must pay, less the deductible. In property and casualty insurance, a provision that requires the insured to maintain a specified amount of insurance based on the value of the property insured.

2. Co-payment -- An arrangement splitting the cost of medical services. The client pays a flat fee for service including prescriptions, tests and X-rays and the insurance company pays the rest.

3. Consumer directed plan -- A relatively new addition to the health insurance world, consumer directed plans or consumer driven plans are often a good choice for rich, healthy people. They have a high deductible and are attached to a health savings account that can be used to pay for covered medical expenses.

4. Covered expenses -- The medical services and procedures that your insurance company will pay for.

-- Posted: Aug. 20, 2007
 
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