Key insurance terms that start with "B"

A medication sold under the company's brand name. Brand-name drugs are often more expensive than their generic equivalents, even though they have the same active ingredients. Your insurance plan may cover brand-name drugs or require you to pay more through coinsurance or a copay.

A type of health insurance plan that covers about 60% of your health care costs. The plan pays for 60% and you pay about 40%. Bronze plans have lower monthly premiums than higher metal tier plans, but higher out-of-pocket costs when you use care.

The health care services your insurance plan covers, like doctor visits, hospital stays, and prescription drugs. Different plans cover different benefits, so it's important to check your plan's benefit details before you sign up. Some benefits may require a copay or coinsurance.

The 12-month period during which your insurance coverage is in effect and when your deductible, out-of-pocket limits, and other annual benefits reset. For most people with Marketplace coverage, the benefit year runs from January 1 to December 31.

When your doctor charges you more than your insurance company agrees to pay. For example, your doctor charges $500, but your plan's allowed amount is $300—the doctor bills you for the $200 difference. In-network doctors usually cannot balance bill you. The No Surprises Act limits balance billing for emergency care.