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University of Illinois Extension

Health Insurance Costs

When shopping for health insurance does your head feel like it is going to spin when you hear lots of terms that you may not be familiar with or completely clear on? Some common terms that you may come across include premiums, deductibles, co-pays, coinsurance and out of pocket maximum.

Premiums are the monthly cost you pay for basic insurance coverage. Out-of-pocket costs are as they state, the amount that you are responsible for, not what the insurance covers. Some common out-of-pocket costs include deductibles and co-pays. A deductible is a set amount of money that you are required to pay before your insurance begins coverage. A co-pay is the amount of money that you are required to pay for doctor's appointments and medications. Often, you have pre-set co-pay for your general health doctor and you may have a higher co-pay for a specialist. The same is often true for prescriptions. Name brand prescriptions are often more expensive than generics.

Get Covered Illinois has a great glossary resource to help with insurance terms:


For more information on deductibles:


Posted by Chelsey Byers Gerstenecker at 8:00 AM | Permalink
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