Premium: This is the amount of money that is paid for the insurance plan. This is different from the deductible.
Deductible: It is the amount that the policyholder (which is you) is responsible for before your insurance policy pays any benefits to help cover your medical expenses. Some deductible is paid per event (otherwise known as per sickness or injury) or it is paid annually.
Coinsurance: Once you have met your deductible, there is the coinsurance. For eligible covered expenses, this is the share of the medical expenses between you and the insurance company.
Co-pay: This is the fee that is paid for certain medical services.
In-network / Out-of-network provider: At ISO, our insurance plans work with two PPO (Preferred Provider Organization) networks. They are FirstHealth and Multiplan. If a medical provider is a part of either one of these networks, they would be considered as an in network provider. If they are not a part of these networks, they are considered as out of network. In network providers, usually provide services at a reduced rate
Pre-existing condition: This is when you have a sickness/injury or if you are in the middle of medical treatment prior to your plan start date.
Be sure to check out our online dictionary for more insurance words and their definitions - https://www.isoa.org/definitions