A certificate of deposit (CD) is an account where you’re required to leave your money for a set period of time (3 months, 6 months, 1 year, 5 years, etc.).…
Category: Glossary
A money market account combines some of the features of checking and savings accounts by offering limited check writing, a debit card and usually a higher interest rate than a…
A savings account is typically used to hold money for longer periods of time, when you anticipate only a few withdrawals per month. Most savings accounts earn some interest, with…
A checking account is one of the most common accounts people use for day to day transactions. It typically comes with a debit card and paper checks, and may or…
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…
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…