Common Health Insurance Terms You Should Know

We get it. The health insurance industry is not an easy one to understand, especially with all of the fancy acronyms and terminology. When shopping around for new health insurance in Florida, we want to ensure you are making an informed decision. Understanding what some of the most common health insurance terms will help you out tremendously – not only when making your decision today, but also in years to come.  Here are common health insurance terms you should know.

 

Claim – a request made by a plan member to receive financial assistance from health insurance companies in Florida to pay for medical services.

 

Copayment – a flat fee you pay your healthcare provider that your health insurance in Florida doesn’t cover.  For example, after visiting your primary care physician, you may have to pay $30 or $5 for a prescription.

 

Coinsurance – splitting the cost you and your insurance company cover once you’ve met your deductible. For example, your insurance will cover 80% of your claim, leaving you responsible for the other 20%.

 

Deductible – the amount you must pay on your own for covered services each year. Once you have met your deductible, your insurance company will begin paying the rest.

 

Marketplace – a place where you can learn information about different insurance plans and enroll in affordable health insurance.

 

Open enrollment – the time of year when one can enroll and purchase a health insurance plan, whether it's Medicare, job-based, or individual insurance.

 

Out-of-pocket maximum – the maximum amount you will pay for services over the course of a year. This typically includes any copayments, deductibles, and coinsurance; but not your premium or any services that aren't covered under your insurance company's policy. Once you've reached your out-of-pocket maximum, your insurance will pay for any expenses for the rest of the year.

 

Premium – the amount paid each month by either you or your employer in exchange for health insurance in Florida.

 

Receiving health insurance quotes in Florida is easy. At Apollo Insurance Group, we will work with you to discuss the different options for affordable health insurance in Florida and which one is best for you. We are here to answer any questions you may have about the process and will serve as your trusty advisor. Visit our website to receive your health insurance quote in Florida and become one of our clients today!

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