A co-payment (copay) is a fixed amount you pay for receiving certain health care services. The remaining balance of the bill is covered by insurance. It’s usually a small dollar…
Author: BrightDime
Coinsurance is the percentage of your medical bill you pay after you’ve met your deductible. You may pay 0%, 10%, 20% or more depending on your plan and whether you…
A deductible is the amount you must pay towards medical expenses during a given time period, usually a year, before your health insurance benefits begin to cover the costs. At…
A premium is the amount of money charged by your employer or insurance company for the health insurance plan you select. It’s usually paid monthly, or each pay period if…
An HSA is special savings account that allows you to set aside money before taxes to use on qualified health care expenses. It can only be used when enrolled in…
A health care flexible spending account (HCFSA) is a type of FSA that allows you to be reimbursed for eligible medical, dental and vision expenses that aren’t paid for by insurance or otherwise…
A flexible spending account (FSA) is a benefit offered by employers that allows employees to take money out of their pay before taxes, put it into an account, and then…
An emergency fund is a larger version of your rainy day fund. It’s there to cover larger, longer term unexpected expenses like the loss of a job, or unexpected medical…
A rainy day fund’s job is to protect you against small financial inconveniences by ensuring you have the cash to deal with them without having to borrow money. Using a…