Modern Monticello
Look It Up
13 of 13 terms
Advance directive
Written instructions for your medical care if you can't speak for yourself.
Chargemaster
A hospital's internal list price. Inflated, rarely what insurers or negotiators actually pay.
Coinsurance
The percentage of a cost you pay after your deductible, until you hit your out-of-pocket max.
Copay
A flat fee per visit or service, set by your plan.
Deductible
The amount you pay out-of-pocket before insurance starts covering costs.
EOB (Explanation of Benefits)
Insurance's breakdown of what was billed, covered, and owed. Not a bill itself.
FSA (Flexible Spending Account)
Pre-tax medical spending account, generally use-it-or-lose-it each year.
Healthcare power of attorney
Names a person to make medical decisions for you if you're unable to.
HSA (Health Savings Account)
Triple tax-advantaged medical savings account, available with high-deductible health plans, rolls over year to year.
In-network / out-of-network
Whether a provider has a negotiated rate with your insurer. Out-of-network can mean full, un-negotiated billing.
Out-of-pocket max
The most you'll pay in a year before insurance covers 100% of costs.
Premium
The amount you pay (usually monthly) just to have insurance, regardless of use.
Triage
The process of prioritizing patients by the severity and urgency of their condition.
Educational reference only, not medical advice or a diagnosis. This is meant to help you organize your own picture and ask sharper questions — always defer to a real provider's judgment. Call 911 or go to the nearest ER for anything that could be serious.