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One of the best ways to ensure confidence when selecting a policy is to familiarize oneself with common insurance policies and definitions. Insurance is not always a one size fits all and must be carefully evaluated to ensure the right coverage for policy holders. Granted most insurance brokers will spend the time necessary explaining terminology and differentiating between the different policies, but who wants to be ignorant of the fact. It only takes a minute to learn enough to have a confident and informed conversation.

Here are the most common terms associated with insurance:

• Premium
• Deductible
• Co-pay
• Co-insurance
• Major medical plan

One of the first things that most consumers learn when talking about insurance is the premium. The premium is the amount of money that the policy holder must pay the insurance provider regardless of whether or not they have paid any claims. Consumers learn to ask very quickly what the premium is because this is usually a monthly charge to keep the insurance active.

The deductible is the amount of money that must be paid out of the policy holders pocket for medical care, prescriptions and other services before the insurance will cover any of the services fee. Deductibles vary greatly between policies and are something that is a very important consideration. Deductibles can range from $250 to $10,000 and the lower the deductible the higher the monthly premium generally speaking.

The Co-pay is the amount of money that the policy holder must pay each and every time they present for office visits, procedures, preventative and/or prescriptions. This is a set amount and is negotiable with the insurance company. The lower that the co-pay the higher the premium in most cases. Most office visits are between $25 and $35 and medication varies greatly.

Co-insurance is the amount of the doctor's bill, procedure or other charges that the policy holder is responsible for. For example, if the patient has a $100 dollar doctor's visit and a 20% co-insurance, they would be required to pay $20.00 up front to their provider.

A major medical plan is generally found with group insurance through employers. This means that the policy includes dental, pharmacy, and mental health in addition to the health coverage.

Selecting a policy is much easier with a little knowledge!