You probably receive health insurance through your or a loved one’s employer. You might also receive coverage through the open marketplace. You may qualify for Medicaid or other state-funded services if facing financial hardship.

Health insurances are categorized into four tiers: platinum, gold, silver, and bronze. These tiers distinguish total costs. However, they don’t determine the quality of care or treatment available.

Unless it’s covered by an employer, consumers pay for insurance monthly through their premiums. You may not notice this cost if it comes out of your paycheck directly (but it will be reflected on your paystub).

Premium: The amount you pay for your health insurance, usually monthly.

Deductible: The amount you must pay out-of-pocket before your insurance starts covering costs.

Copayment (Copay): A fixed amount you pay for a covered healthcare service (e.g., $20 for a doctor’s visit).

Coinsurance: The percentage of costs you pay after meeting your deductible (e.g., 20% of a hospital bill).

Out-of-Pocket Maximum: The most you have to pay in a plan year before insurance covers 100% of costs.

In-network: In-network means the provider can bill your insurance to render services. If you plan to use your insurance to subsidize costs, working with treatment providers who accept your insurance plan is essential. If you have a PPO, you may be able to visit providers out of your network. This option is usually not offered to HMO policyholders.