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Premium: Once you have insurance you will have to pay what is called a premium. This is the cost of your health insurance. You can choose if you would like to pay weekly, monthly, bi-annually, or annually. After the plan is purchased the premium is good for one year.

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Copayment When you go to the doctors you may be required to pay a certain amount of money upfront this amount is called your copayment or copay. The amount will vary depending on the plan you have, but you need to be aware that you will have to pay it both for office visits and brand name prescription drugs.

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Deductible Depending on what plan you choose your deductible could vary anywhere between $500-$5,000 or above. A deductible is the amount of money you have to pay out of pocket for medical expenses before the insurance company starts paying.

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Coinsurance After you have met your out-of-pocket maximum there is still a coinsurance that you may have to pay. The coinsurance is the percentage of the cost of medical bills and such that you are responsible for after the deductible is met. Coinsurance is, like your deductible, something that varies per plan. With some plans your insurance company will pay 80% of the medical costs and you will be responsible for the remainder. I n other plans the insurance company will pay 70% and you will pay 30%.

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Maximum Out- of- pocket Costs

After reaching your deductible, coinsurance, and copayment limit, the insurance company covers 100% of the rest of your medical bills for that year.

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Five Health Insurance Terms You Must Know in Ohio