Health insurance plays a crucial role in your health and wellness. However, it often comes with various terms and definitions that may make understanding your coverage difficult. That is why our Champion Insurance Agency of South Carolina team has assembled a quick guide to some of the most essential terms.

• Premium: This is essentially the monthly or yearly bill for your insurance coverage.
• Deductible: A deductible is the amount you must pay toward your health expenses each year before your insurance coverage kicks in. For instance, if your deductible is $1,000, your coverage will start after you have paid a total of $1,000 for doctor visits, hospital stays, and other medical care.
• Copay: The copay, or copayment, is the out-of-pocket amount you pay each time you access a healthcare service. For example, if your copay is $20, that’s the amount you’ll need to pay during a visit to your doctor.
• Allowed Amount: This refers to a maximum or ‘allowed’ amount included in your coverage for various services, such as $1,000 for sick visits. If your charges exceed this amount, you’ll be responsible for the excess.
• In-network: Insurance companies collaborate with doctors, pharmacies, and other providers to offer discounted services. These providers are known as ‘in-network’. Opting for someone outside of this network can result in you paying more. Plus, out-of-network providers might not accept your insurance.
• Coordination of Benefits: If you have more than one insurance policy or type of coverage—something common in group plans—the insurance companies will work together to determine how to provide you with the best coverage.
• Rider: Basic insurance plans might not provide coverage for every need, but riders allow you to extend your coverage. Some examples include long-term care, maternity, and critical illness.

Let our team at Champion Insurance Agency in South Carolina help you understand your policy and ensure you have the coverage you need. Feel free to visit us or give us a call.