Coinsurance is the amount you pay to share the cost of covered services after your deductible has been paid. The coinsurance rate is usually a percentage. For example, if the insurance company pays 80% of the claim, you pay 20%.
A health care financing and delivery system that provides comprehensive health care services for enrollees in a particular geographic area. HMOs require the use of specific, in-network plan providers. No out-of-network coverage.
A health insurance network that offers greater freedom of choice than HMO plans. Members of PPOs are free to receive care from either in-network or out-of-network (non-preferred) providers, but will receive the highest level of benefits when they use providers inside the network.
A period of time an individual has available to make changes in their plan. SEPs are triggered by significant life events i.e. marriage, divorce, birth/adoption, move to a new network, new job or retirement.
An HSA is a tax-advantaged medical savings account available to taxpayers in the United States who are enrolled in a high-deductible health plan (HDHP). The funds contributed to an account are not subject to federal income tax at the time of deposit.
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