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Tag Archives: health insurance terminology

What does “plan sponsor” mean?

In the insurance industry, there are various parties who may set up insurance policies for you. If it is an individual health insurance policy, usually the person or persons on the policy will work with an insurance expert such as an insurance agent or company. If it is a group health insurance policy, the employee […]

What does “policyholder” mean for insurance?

When discussing insurance, one of the terms that is most frequently used is policyholder. However, it can remain ambiguous exactly what this means and the precise definition can vary depending upon the situation. It means something different for private health insurance than it does for public health insurance programs like Medicare or Medicaid. Need insurance? […]

What does “copay” mean for health insurance?

Copay is a consumer payment for a medical service. The consumer usually pays it at the time the service provider performs their part. It is usually a fixed fee such as a $20 copay for an office visit. The insurance companies often set the copay to represent a small portion of the true cost of […]

What is a “deductible” in health insurance?

The costs of health insurance begin with premiums, but they include more. Depending on the policy, every service or benefit can have a consumer charge except the free prevention and wellness benefits required by Obamacare. Deductibles are among the most important because they start the benefits. Comparison shopping is the ideal way to find the […]

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