VOCABULARY: Health Insurance

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Premium

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The amount of monthly payment to receive the insurance benefit

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Deductible

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The amount you pay before your plan starts to pay.

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Out of Pocket Maximum

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After you spend this amount on deductibles, copayments, and coinsurance for in-network care and services, your health plan pays 100% of the costs of covered benefits.

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Preventive Care

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Helps detect or prevent serious diseases and medical problems before they can become major

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Co-Pay

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The fixed dollar amount you pay at the time of getting care

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Co-insurance

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The amount you pay, calculated as a percent of the total amount for the service

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In-Network

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A list of service providers including pharmacies that agree to charge less for medical services

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Out of Network

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Medical providers that charge more for services that are not within your preferred group

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Affordable Care Act

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A law that requires all Americans to have health insurance or pay a penalty

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Health Savings Account (HSA)

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An individual savings account that may be combined with high-deductible health plans to help pay for qualified medical expenses