Glossary
Common benefits terminology
Plain-language definitions for educational use during onboarding and enrollment.
- Premium
- The amount paid for benefit coverage, often shown as a per-pay-period cost.
- Deductible
- The amount a covered person may need to pay for certain services before the plan begins paying.
- Out-of-pocket maximum
- The most a covered person pays for eligible covered services during a plan year, based on the plan rules.
- Copay
- A fixed amount paid for a covered service, such as a visit or prescription.
- Coinsurance
- A percentage share of covered costs paid by the covered person after applicable plan requirements are met.