Medical insurance policies (like all contracts) have a great deal of confusing terms and unfamiliar language.  You can put your self in a better position to get the best rates possible on the policy you need by getting familiar with some of the terms you will encounter when you are looking for medical insurance quotes.

Co-insurance and Co-payments – There is a great deal of similarity between these terms.  As a patient, you are required to pay a certain portion of the medical bill at the time of the treatment.  Your medical insurance provider then pays the remainder of the costs.

Coordination Benefits – Means you have more than one source of medical insurance.  This can be from a husband and wife having medical insurance provide at their employment (even if two different employers), widows with private insurance as well as a government provided insurance (Medicare, Medicaid) etc. Both medical insurance policies will pay what their coverage requires (often 100%).

Deductible – Likely the most often used word in any insurance policy.  It is the amount you must pay, either by being billed or at the time of service, for medical treatment.  After this the medical insurance provider will pay the remainder of the cost.

Exclusions – Most all insurance has certain things that are not covered in the policy – these are excluded, or exclusions.

Grace period – if your medical insurance policy is due on the 15th day of the month (or of the quarter) it should be paid by that date.  However your insurance coverage is still in effect if for some reason you overlooked sending in the payment until the 18th or the 20th.   Typically you are allowed two weeks from the time the payment was due until you no longer have coverage.  The time between these two is the grace period.  When this period passes you are without insurance.

Lifetime Maximum – Most medical insurance policies have a set amount that they will provide for your medical expenses in the lifetime of the policy, called the lifetime maximum.

Out-of-pocket – Any expense that is required to by paid by you, whether when billed or when receiving treatment is out of your pocket, thus the name.

Premium – The amount you pay, monthly or quarterly for your medical insurance.

Primary Care doctor – The doctor you see most regular, via regular appointments, check-ups, etc. and the one that usually has to refer you to any other doctor you need to be seen by.