Key insurance terms that start with "C"

Prescription drug coverage that's considered 'good enough' for Medicare purposes. If you have creditable drug coverage from an employer or other source, it counts toward Medicare Part D eligibility. You won't face a penalty if you enroll in Part D later.

The process when you have more than one health insurance policy. The plans coordinate to avoid paying more than 100% of your costs. Your primary insurance pays first, and your secondary insurance covers the remaining portion (up to what it normally covers).

Health insurance coverage that qualifies as acceptable coverage under the Affordable Care Act. If you have creditable coverage, you may not be eligible for subsidies on the health insurance marketplace. It includes employer plans, government programs, and other qualified plans.

Health care services that your insurance plan will pay for. Different plans cover different services, so it's important to review your plan documents to know what is and isn't covered. Covered services typically include doctor visits, hospital stays, prescriptions, and preventive care.

The amount of health care costs you pay yourself, separate from your premium. Cost sharing includes copays, coinsurance, and deductibles. The more you pay in cost sharing, the lower your monthly premium is typically. Different plans have different cost-sharing structures.

A fixed amount you pay for a health care service or prescription medication. For example, you might have a $20 copay for a doctor visit or a $10 copay for a generic prescription. Copays are paid when you receive the service or fill the prescription.

A federal law that allows you to continue your employer's health insurance after you leave a job. You must pay the full premium yourself, plus an administrative fee. COBRA coverage is temporary (usually 18 months) and gives you time to find new coverage.

A government-funded program that provides free or low-cost health insurance to eligible children and teenagers in families that earn too much for Medicaid but can't afford private insurance. CHIP covers doctor visits, hospital care, dental care, and other essential health benefits.

A type of health insurance plan designed for people under 30 or those with hardship exemptions. These plans have very low monthly premiums but high deductibles. They only cover essential health benefits after you meet a very high deductible, making them suitable for people who expect minimal medical needs.

Subsidies that lower the copay, coinsurance, and deductible amounts you pay when using health care services. They're available to individuals and families with incomes between 100% and 250% of the federal poverty level who buy a Silver plan. CSR makes coverage more affordable by reducing your out-of-pocket costs.

A fixed amount you pay for a health care service or prescription medication. For example, you might have a $20 copay for a doctor visit or a $10 copay for a generic prescription. Copays are paid when you receive the service or fill the prescription.

The amount you pay for health care services after you meet your deductible. It's usually expressed as a percentage. For example, if your coinsurance is 20%, your plan pays 80% and you pay 20% of the cost. Coinsurance applies to covered services.