Coinsurance – the amount you may be required to pay as your share of the cost for services after you pay any deductible. Coinsurance is usually a percentage.
Copayment – the amount you may be required to pay as your share of the cost for a medical service or supply, like a doctor’s visit, hospital outpatient visit, or prescription drug. Copayment is usually a set amount rather than a percentage.
Deductible – the amount you must pay for health care or prescriptions before Original Medicare, your Medicare Advantage Plan, your Medicare drug plan, or your other insurance begins to pay.
Health Insurance – A contract that requires your health insurer to pay some or all of your health care costs in exchange for a premium.
Medicare Advantage Plan (Part C) – the type of Medicare health plan offered by a private company that contracts with Medicare. Medicare Advantage Plans provide all of your Part A and Part B benefits, with a few exclusions.
Medigap – Medicare Supplement Insurance sold by private insurance companies to fill “gaps” in Original Medicare coverage.
Premium – periodic payment to Medicare, an insurance company, or a health care plan for health or prescription drug coverage.
Preventive services – health care to prevent illness or detect illness at an early stage.
Supplemental Insurance - an insurance policy that supplements your primary health insurance coverage.
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