Open enrollment begins : Health Insurance terms to know.

[{"selector":"#anim-5838bd46-47f2-4789-a088-0ca049ba4975 [data-leaf-element=\"true\"]","keyframes":{"transform":["translate(0%, 0%) scale(1.5)","translate(0%, 0%) scale(1)"]},"delay":0,"duration":2000,"easing":"cubic-bezier(.3,0,.55,1)","fill":"forwards"}] By The Exchange Team

It's Open enrollment time, when millions of Americans choose a new or existing health plan.

[{"selector":"#anim-e730ab55-dc86-4560-8cf6-e5bc76f0e6ef [data-leaf-element=\"true\"]","keyframes":{"transform":["translate(-13.419945993657407%, 0%) scale(1.5)","translate(0%, 0%) scale(1)"]},"delay":0,"duration":2000,"easing":"cubic-bezier(.3,0,.55,1)","fill":"forwards"}]

Picking Health insurance can be difficult. Health plans have many aspects that aren't always clear. Each affects buyers' budgets.

[{"selector":"#anim-f950e37e-4942-44b0-9f92-286990dab38e [data-leaf-element=\"true\"]","keyframes":{"transform":["translate(3.289473723238366%, 0%) scale(1.5)","translate(0%, 0%) scale(1)"]},"delay":0,"duration":2000,"easing":"cubic-bezier(.3,0,.55,1)","fill":"forwards"}]

1. Premiums The premium is the amount you pay each month to an insurer in order to participate in the health plan.

[{"selector":"#anim-d2759d65-16bb-47bd-a483-3cc23005ed8f [data-leaf-element=\"true\"]","keyframes":{"transform":["translate(0%, 0%) scale(1.5)","translate(0%, 0%) scale(1)"]},"delay":0,"duration":2000,"easing":"cubic-bezier(.3,0,.55,1)","fill":"forwards"}]

2. Co-pay When seeing a doctor, many workers must pay a flat-dollar copayment. "Co-pay" is health insurance cost-sharing.

[{"selector":"#anim-2201e435-4940-41c1-8cb3-96ce4ad0fce9 [data-leaf-element=\"true\"]","keyframes":{"transform":["translate(-7.116353111680823%, 0%) scale(1.5)","translate(0%, 0%) scale(1)"]},"delay":0,"duration":2000,"easing":"cubic-bezier(.3,0,.55,1)","fill":"forwards"}]

3. Co-insurance Patients may owe co-insurance, a shared percentage of health costs with the insurer.

[{"selector":"#anim-16446cd9-6b95-4464-b730-0830a0e700dc [data-leaf-element=\"true\"]","keyframes":{"transform":["translate(-12.71342338238518%, 0%) scale(1.5)","translate(0%, 0%) scale(1)"]},"delay":0,"duration":2000,"easing":"cubic-bezier(.3,0,.55,1)","fill":"forwards"}]

4. Deductible Cost-sharing also includes deductibles. The annual sum a consumer must pay before a health insurer pays for treatments.

[{"selector":"#anim-50edc42a-4885-4a9a-8c2e-89c60fb21c89 [data-leaf-element=\"true\"]","keyframes":{"transform":["translate(9.73317365119812%, 0%) scale(1.5)","translate(0%, 0%) scale(1)"]},"delay":0,"duration":2000,"easing":"cubic-bezier(.3,0,.55,1)","fill":"forwards"}]

5. Out-of-pocket maximum Most people have a "deductible." This limit includes co-pays, co-insurance, and deductibles.

[{"selector":"#anim-bcffbcee-44d3-45e7-a618-3177e55d18d9 [data-leaf-element=\"true\"]","keyframes":{"transform":["translate(0%, 0%) scale(1.5)","translate(0%, 0%) scale(1)"]},"delay":0,"duration":2000,"easing":"cubic-bezier(.3,0,.55,1)","fill":"forwards"}] Learn more