Health insurance typically covers the cost of medical expenses such as doctor visits, hospitalization, prescription drugs, and medical procedures. The specific coverage varies depending on the policy.

A premium is the amount paid for health insurance coverage, typically paid monthly or annually.

A deductible is the amount of money you must pay out of pocket before your health insurance coverage kicks in.

A copay is a fixed amount of money you must pay for a healthcare service, such as a doctor’s visit or prescription medication.

Coinsurance is the percentage of the cost of a healthcare service that you are responsible for paying, after your deductible has been met.

An out-of-pocket maximum is the maximum amount you are responsible for paying for covered medical expenses during a given period, usually a year. Once you reach this limit, your insurance company will typically cover the rest of the costs.

A pre-existing condition is a health condition or illness that existed before you enrolled in a health insurance policy.

HMO stands for Health Maintenance Organization, which is a type of health insurance plan that typically requires you to choose a primary care physician and receive referrals to see specialists.

PPO stands for Preferred Provider Organization, which is a type of health insurance plan that typically allows you to see any healthcare provider in the network, but may require higher copays or coinsurance for out-of-network providers.