If you are getting kicked off your parent's insurance soon, you may need a quick refresher course in health insurance basics. There is a lot to know, and if you are not prepared, you may end up spending way more on health insurance than you need to. Here are a few explanations of health insurance lingo that you may need. Keep in mind that every insurance agency offers different plans. You may need to shop around in order to get the best deal. 

Deductible

A deductible is an amount you will pay before your insurance will begin to cover costs for you. This could be a lot or a little bit of money, depending on what plan you choose. Usually, the higher your deductible, the lower your copayments will be. For example, if you choose a high deductible plan that has a health savings account (which is a common choice for young people), you may need to pay $3,000-$4,000 before your insurance jumps in. However, if you are healthy, you will likely never pay your full deductible. This is because you will only be paying a $20-$30 copayment each time you go to the doctor. 

Copayments

A copay (or copayment) is an amount that your insurance has decided you need to pay for a specific service. This is a way that you work with your insurance to pay for your medical needs. Instead of money getting thrown away on a copayment, each amount will work towards your deductible. Each service you need will have a different copayment amount. 

Out-Of-Pocket Maximum

There are several different numbers in an insurance plan that can help you to figure out if you can afford it. An out-of-pocket maximum may be one of the most important. If you have a major accident or have a series of small accidents, you will keep paying some coinsurance until your maximum has been met. Once you have met your out-of-pocket maximum, you will be covered 100%. Choose a plan where you could afford the maximum if you absolutely had to. 

In conclusion, there is much to learn about health insurance. Make sure that you know the basics of what you are looking at before you have to get your own insurance. Turning 26 can be hard for some people, but getting health insurance is harder. Do your homework so that you can be prepared! Talk to a health insurance provider for more information.