Health Insurance

Premium:
A periodic payment made to an insurance company for insurance coverage (usually paid monthly)

Deductible:
The amount of the loss (money) which the insured is reponsible to pay before benefits from the insurance company are payable.  If you pay a higher premium, you have a lower deductible and vice-versa. 

Out-of-Pocket Maximum:
The maximum amount of money an individual has to pay before the insurance company takes responsibility for medical costs.

Agent:
A licensed person/organization with authorization to sell insurance.

Broker:
A licensed person/organization paid to find insurance coverage of policy for a group or individual.

HSA:
A Health Savings Account is a tax-exempt trust or custodial account established for the purpose of paying for qualified medical expenses of the account beneficiary while that person is covered by a High Deductible Health Plan (HDHP).

HDHP:
A High Deductible Health Plan is an insurance policy in which the insured pays a lower premium and has a higher yearly deductible.  Click here to view the requirements of a HSA qualified HDHP.

Claim:
A notice to an insurance company that a medical expense may be covered.

Carrier:

Provider:

Investments

Diversify:
To distribute (investments) among different companies or securities in order to limit losses in the event of a fall in a particular market or industry.

Portfolio:

Return:
The amount of money you make or lose

Risk:
The chance that the return on an investment could be lower than expected, usually the higher the risk, the greater the potential for return.

4 Styles of Investments: (from least to most risky)
1.  Income
2.  Value
3.  Blend
4.  Growth

Back to The Basics

Health $avings Accounts, Inc.
Boys & Tyler Financial Group, Inc.
7700 Equitable Drive, Suite 204
Eden Prairie, MN 55344
Phone: (952) 937-0400 (Boys & Tyler Financial Group)
Phone: (952) 937-0669 (Health $avings Accounts)