5 Key Insurance Terms
These health insurance terms will help you feel more comfortable and confident the next time you visit a doctor or get a bill.
Health Savings Account (HSA)
Think of an HSA as a savings account that you can use for qualified medical expenses. Some examples include doctor’s visits, copays, dental care, and prescriptions. The tax-free funds in an HSA can be saved from year to year.
High Deductible Health Plan (HDHP)
These plans generally have higher deductibles and lower premiums, and are typically paired with an HSA. At SelectHealth, we call these HealthSave plans.
Allowed Amount
The discounted amount of a service that SelectHealth has negotiated with participating providers.
Excess Charges
Any dollar amounts that exceed the allowed amount for a covered service. If you are using a participating provider, they will not ask you to pay this amount.
Explanation of Benefits (EOB)
Each time we process a claim, we create an EOB that explains how much we paid, how much you are responsible to pay, and more. You can receive this by mail or view it online. Some exceptions apply.
Related: Why SelectHealth Infographic
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The content presented here is for your information only. It is not a substitute for professional medical advice, and it should not be used to diagnose or treat a health problem or disease. Please consult your healthcare provider if you have any questions or concerns.
