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Insurance Terms You Might Want to Know

Out-of-pocket costs
The health care expenses that are your responsibility to pay.
Deductible
The total amount that you must pay before your insurance company begins contributing.

For example, if you have an insurance plan with a $2,000 deductible, you will be responsible for 100% of your healthcare costs until those costs reach $2,000.

Once your $2,000 deductible is met, your insurance company will begin sharing the costs of your health care services.

Copay
A copay is a flat fee you pay for certain health care services. Copays are determined by your insurance plan, and the medical office collects this fee for the insurance company.

For example, if your copay for a general doctor’s visit is $20, you will pay your $20 copay at the time of each visit. While at Mizzou, you will receive your final bill from University Hospital once your claim has processed through insurance.

Coinsurance
Coinsurance is how you share your health care costs with your insurance company, depending on the policy you choose.

For example, in the case of a 80/20 coinsurance, a $500 procedure will cost you $100, and your insurance company will pay the other $400.

If your policy has a deductible, coinsurance won’t begin until your deductible has been met. Meaning, you have to pay the deductible before the 80/20 coinsurance begins.

More insurance terminology can be found at Healthcare.gov