Check out these key terms that will come up when you have to get off your parents' health insurance plan:
Open Enrollment: The period of time each year when you can sign up for health insurance. If you don't sign up for health insurance during open enrollment, you probably can't sign up for health insurance until the next open enrollment period or qualifying event (such as starting a new job, spouse employment changes, have a new child, etc.).
Premium: The amount you pay each month to have health insurance.
Deductible: The amount you pay for healthcare services before your insurance will begin to cover expenses. Once the deductible has been reached, a percentage (anywhere from 60%100% depending on the coverage plan) will be covered for all services.
Copayment (Copay): The flat amount you pay for specific services or medication, even if you've reached your deductible.
Coinsurance: A fee you pay that is a percentage of the cost of a covered service.
Out-of-pocket: Your expenses for medical care that are not reimbursed by insurance. Out-of-pocket costs include deductibles, coinsurance and copayments for covered services, plus all costs for services that are not covered.
Out-of-pocket maximum: The most you have to pay for covered services in a plan year. After you spend this amount on deductibles, copayments and coinsurance, your health plan pays 100% of the costs of covered benefits. The maximum out-of-pocket limit is federally mandated.