Health insurance terms you need to understand

Every year it is the same thing, trying to find health insurance that gives you some coverage while still being able to afford it. It isn’t easy and all the terms are so confusing. It is made easier by having an independent insurance agent who has your back. At Taake Insurance Agency in Columbia, IL, we are family-owned and operated, and with more than 40 years of experience, we can help you find the right health insurance for your needs and your wallet.

Before you choose your health insurance for the next year, here are some terms that will help you to make an educated decision. 


In health insurance terms, a network is the health care providers who have contracted with a particular insurance carrier to provide services at pre-arranged prices. It includes doctors, hospitals, pharmacies and labs just to mention a few. Before you choose a healthcare plan you need to be sure if you have a preferred doctor or doctors they are in the network. 


The formulary is the prescription drugs that are covered by a particular health care plan. They are in tiers by the amount of cost to you. Some tiers may be very inexpensive and others may be very high. You need to know any prescriptions you have will be covered and what amount you will have to pay when you fill the prescription. 


The copay is your share of any service that is provided. 


This is the amount you need to pay every year before your health insurance starts to provide coverage. 

Out-of-pocket limit

This is the maximum amount you will have to pay before your health insurance pays 100% of your medical expenses. 

When you need help making your health insurance yearly choice, give Taake Insurance Agency in Columbia, IL a call or stop by our office. Our experienced team will be there for you.