When it comes to health insurance, the more you know, the better. Here are a few terms you may not fully understand.
The maximum amount on which payment is based for covered services. You may be charged the difference if a provider charges more than this amount.
The amount you have to pay for covered services before your plan begins to pay. Note that the deductible may not apply to all services.
Your share of the cost of a covered service once you’ve met your deductible. It is usually a percentage of the allowed amount.
A fixed dollar amount you pay for a covered service, such as a doctor’s visit.
The maximum amount you will pay in a policy period, not counting your premium or amounts you pay for services the plan doesn’t cover.