Why isn't the "Out-of-Pocket Maximum" your total financial exposure? Why isn't your "Co-Pay" part of your "Co-Insurance?" And why are so many insurance terms hyphenated?

Learn these terms and unlock the secrets of the Universe. (Not really. But it could help you save money on your health insurance.)

Co-Pay: Think of it like tipping your waiter. Whether you liked the restaurant or not, you always tip the waiter. It's the same with your Co-Pay. You are charged a Co-Pay each and every time you see the doctor. Whether you wanted to go or not.

Deductible: This is the amount of money the insurance company is going to deduct from your wallet for certain charges. Usually anything that is not a basic office visit. Think of it like this.... you go to a restaurant, and the waiter brings you a basket of bread. The bread is free, right? But if you order from the menu, you will get a bill. Time spent with the doctor is your basket of free bread (no charge beyond your co-pay). But if you need expensive tests or hospitalization, then you've ordered from the menu and your bill will be deducted from your wallet. Sometimes even smaller appetizers like blood work or x-rays will be deducted from your wallet. You can tell what is free by looking at your plan's benefit list. If it says "subject to deductible" think "surf 'n turf."

Co-Insurance: Think of it like splitting the tab at a restaurant. You go out with a friend, eat and drink like a Viking, but you only pay for a side salad. You pay a small percentage of the bill; your friend pays the rest. That's how co-insurance works. If you have 80% co-insurance, you will pay 20% of the bill. Usually co-insurance doesn't kick in until after you've paid your deductible. It's like paying a cover change to get into the restaurant. Once you are in, you split the expenses with your friend.

Out of Pocket Maximum: Think of it like a buffet with a fixed price menu. You know how much the buffet will cost, no matter how much you eat. Your Out of Pocket Maximum is the maximum amount of money you will spend towards your co-insurance bills. Once you've reached this amount, your health insurance bills are covered 100% for that year. (Except for your co-pays. Remember, you always tip your waiter.)

Are there other terms that have you puzzled? Add them to the list. We'll try to translate them into English.