Health Insurance Terms for Ventura County

There are a variety of terms you'll encounter when purchasing a health insurance plan. We have included the basic terminology that you will encounter to make it easier for you to understand health insurance.

Annual Deductible:

The amount that the health insurance plan holder will pay over the course of a year.

Co-insurance:

The percentage that you will have to pay toward your health insurance plan when a bill is issued.

Co-payment:

A flat fee that policy holders will have to pay at the time of a doctors visit or picking up prescription medication. A health insurance quote can give you an idea of how much your co-payment might be.

Covered Expenses:

Expenses covered in your health insurance plan which can include medical services, medications, or supplies.

Flexible Spending Account:

An FSA is an account that allows you to save pre-tax money for medical expenses not covered in your health insurance plan.

Group Health Insurance:

Group health insurance is provided by an employer to their employees to cover medical expenses. Group health insurance also includes coverage of employee's families.

Health Maintenance Organization:

An HMO is a health insurance plan that contains a network of professionals. An HMO allows you to see these professionals while covering the majority of the expenses.

Health Savings Account:

An account that allows you to save pre-tax money to cover medical expenses that are not included in your plan. Learn more about HSA's.

Maximum out-of-pocket costs:

Maximum amount that you will have to pay before your health insurance plan provider takes over remaining payments.

Medical Savings Account:

An MSA is an account for small businesses. MSAs help you save money toward paying for medical expenses not included in your group health insurance.

Medicare:

A Federally funded health insurance plan for people 65 years of age or older, and those with qualifying disabilities. Medicare Part A covers hospitalization expenses, while Medicare Part B covers part of other medical expenses. Get a Free Medicare Insurance Quote!

Portability:

The ability for you to change insurers without worrying about change in coverage based on pre-existing medical conditions.

Point of Service plan:

A POS contains the benefits of an HMO and a PPO. Health insurance plan holders can choose a primary doctor, or point of service, and see anyone inside or outside of the preferred network. If you choose to see someone outside of the network, you will have to pay more of the medical expenses than if if see someone within the network.

Preferred Provider Organization:

A PPO is a health insurance plan that lets you see any private practitioner within the PPO network. The health insurance plan provider pays for a large portion of the bill if you see specialists within the network. The provider will pay less of the medical expenses if you choose see someone outside of the network.

Pre-existing Conditions:

Medical conditions diagnosed before a health insurance plan is obtained. Pre-existing conditions can be denied coverage or delayed under a new health insurance plan.

Supplemental Medical insurance:

Additional insurance purchased with a health insurance plan for coverage not included in the original plan.