Speaking of Insurance

> Out-of-pocket expenses: Expenses that are not covered by insurance and for which the patient is responsible.

> Deductible: The amount that an individual must pay out-of-pocket before the insurance coverage kicks in.

> Co-payment: A predetermined, flat fee that the patient pays for covered healthcare services, in addition to the portion covered by insurance.

> Co-insurance: The amount the patient pays for a covered service after meeting the deductible, calculated as a percentage of the allowed cost for the service (for example, a 20 percent co-insurance payment for a $100 covered service would be $20).

> Catastrophic illness clauses: A plan that provides extra coverage during a major health event (often with very high deductibles and fairly low premiums).

> Premium: An agreed-upon fee that an individual pays for specified coverage of medical costs during a defined period of time.