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Insurance Words Made Easy
Simple definitions. Real-life examples. No drama. No Pressure. Just results.
Deductible
The amount you pay first for certain covered care before your plan begins paying its share.
Example: With a $5,000 deductible, you pay the first $5,000 of covered bills that apply to it.
Copay
A set amount you pay for a covered service or prescription.
Example: Your plan may list a $50 copay for a doctor visit.
Coinsurance
The percentage you pay after meeting the deductible.
Example: With 20% coinsurance, your share of a $1,000 covered bill is $200.
Out-of-pocket maximum
The most you pay during the plan year for covered, in-network care that counts toward the limit.
Example: After reaching the limit, the plan pays 100% of additional covered, in-network care for the rest of that plan year.
Network
The doctors, hospitals, pharmacies, and other providers connected to the plan.
Example: Using an in-network doctor usually costs less than going outside the network.
Marketplace plan
A comprehensive health plan offered through the Health Insurance Marketplace.
Example: Marketplace plans cover pre-existing conditions.
Off-market plan
A plan purchased outside the Health Insurance Marketplace.
Example: The off-market plans HPN offers do not cover pre-existing conditions.
Hospital indemnity
Coverage that pays cash directly to you after a covered hospital event.
Example: You decide whether to use the cash for a deductible, household costs, or another need.
Critical illness coverage
Coverage that pays cash directly to you after a covered serious illness.
Example: The cash will help protect savings and reduce the need to borrow money from family or friends.
Accident coverage
Coverage that pays cash directly to you after a covered accident.
Example: You can use the money for any reason.
Life insurance
Coverage that pays money to the people or organization you choose after your death.
Example: Life insurance is not for you. It is for the loved ones you leave behind.
Still have a question?
Call HPN at (985) 381-6893. We explain your choices and our services are always free.