Editor’s note: This article originally published October 31, 2018. It was updated on October 7, 2026, to reflect current information.
Shopping for health insurance can come with a lot of new words. If you find yourself thinking, “Wait, what does that mean?” you’re not alone. At Oscar, we believe health insurance should be easier to understand. Here’s a simple guide to common terms you may see as you shop for a plan this Open Enrollment.
- Open Enrollment – The time each year when you can sign up for health insurance or change your plan. Think of it like a sign-up window. If you miss it, you may have to wait until next year.
- Subsidies – Money from the government that may help lower the cost of your health plan. So, if a plan costs $500 a month, a subsidy may help lower what you pay.
- Premium – The amount you pay each month to keep your health insurance.It is like a monthly streaming subscription. You pay it every month, even if you do not use it.
- Deductible – The amount you pay for care before your health plan starts to pay more of the cost. For example, with a $1,000 deductible, you may pay the first $1,000 of covered care yourself.
