How to understand your health plan

Health plan definitions - what they are and how they work

Updated on December 15th, 2023

It is important for team members to have a basic knowledge of health insurance terminology. 

This will help you understand the health plan and what costs to expect.  

Premium

Amount deducted from each paycheck for coverage.

Deductible

A set amount you pay first for medical services and prescriptions before the health plan starts to pay. Click here to track your deductible.

Copay

A set amount you pay each time you see a doctor, fill a prescription or go to the Emergency Department.

Coinsurance

A set percentage of the total cost of certain medical services covered by the plan that you pay when you use them.

Out-of-Pocket Maximum 

The maximum amount you'll pay towards all medical and prescription drug expenses each year. Once the maximum is reached, the health plan pays all additional costs for health care services and prescriptions received during the remainder of the plan year. Click here to track your out of pocket maximum.