Definitions

Co-insurance – the amount you pay for covered services, expressed as a percentage, such as 20%

Co-payment – the amount you pay for covered services, expressed as a flat dollar amount, such as $15.00

Deductible – the amount you must pay before insurance pays its share

Formulary – a list of the prescription drugs covered by the insurance plan

Long term care – non-medical care to help a person with activities of daily living, such as bathing, dressing, eating, etc. whether provided in a personal residence, an assisted living facility or a skilled nursing facility

Medically necessary – services or supplies that are needed for the diagnosis or treatment of your medical condition that meet accepted standards of medical practice

Premium – the amount you must pay to have insurance coverage