Every type of insurance shares some common terms: deductible, premium, co-pay. But when it comes to homeowners insurance, health insurance, life insurance, and auto insurance, each has specific terms that you’ll hear only when talking about those types of insurance. Here are some terms you’ll mostly only hear when talking about health insurance.

Dependent - Your dependents aren’t driving, so they don’t need auto insurance. And their stuff is no different from yours when it comes to homeowners insurance. But they do need health insurance, and they are a dependent because they depend on you to provide for them, not only for their health insurance, but for all their needs. This can include your spouse and/or children.

MOOP - While it might sound silly, it’s a good thing MOOP exists. MOOP means “maximum out-of-pocket” costs. The amount varies depending on the health insurance plan you have, but what is means is that there is a maximum amount, per year, that you’ll pay for your health needs after you pay your deductible. It’s the maximum that you’ll have to pay; after that your plan will pay for your medical care.

Short Term Insurance - Short-term insurance refers to health care insurance that you know you’ll only need for a little while. Many people use short term insurance as a stopgap when they leave (or lose) one job before getting another. We can help you decide if short term insurance is right for you or whether it might be better to go with a regular plan.

Stop by our Rapid City of Spearfish offices whenever you need to find out your health insurance options. We’ll help you find the plan that’s perfect for you and your family.