Are you up to speed on health insurance?

Given all the hype in recent months about affordable health insurance in the U.S., are you properly insured should you need immediate health care?

Receiving needed health care can be a very expensive proposition for many people, especially those who are unemployed. An experience such as a major surgery or trip to the emergency room can set you back tens of thousands of dollars.

For those individuals not overly familiar with how health insurance works, take a few minutes to get more familiar with some of these terms, thereby making your health insurance experience a little less painful, especially in the wallet.

Among the important health care terms to remember are:

Co-insurance - This is the cost that you will be required to pay for medical care in a fee-for-service plan once you have met your deductible. In many cases, the co-insurance charge is looked at as a percentage. As an example, if the health insurer pays 60 percent of the claim, you are responsible for 40 percent.

Co-payment - You will play a flat fee each time you obtain medical service (as an example, $25 for each visit to the doctor). In turn, the health insurer covers the rest of the bill.

Covered Costs - The majority of health insurers' plans, be they fee-for-service, HMOs or PPOs, do not cover all services. In some cases, they will cover prescription drugs, while others may not foot the bill for mental health care. Covered services are those defined as medical procedures the insurer agrees to cover and can be found in a health insurance policy.

Deductible - This is the cost you are responsible for each year to cover your medical care charges prior to your health insurance policy kicking in.

Exclusions - Specific conditions and/or circumstances whereby the policy does not provide benefits.

HMO - This prepaid health plan is where you pay a monthly premium and the HMO covers your visits to the doctor, hospital stays, checkups, lab tests, emergency care and more. Keep in mind; you will be required to use the doctors and hospitals selected by the HMO.

Maximum Out-of-Pocket Costs - Refers to the most money you will be responsible for paying a year for deductibles and co-insurance. This stated amount, along with regular premiums, is set by the health insurer.

PPO (Preferred Provider Organization) - Here is a combination of traditional fee-for-service and the HMO. When using the hospitals and doctors that are a portion of this plan, you can have a greater part of your medical charges covered. You can also use other health care professionals, but at a higher charge.

Pre-existing Condition - This is a health issue that existed prior to the date your health insurance went into effect.

Primary Care Doctor - Describes the health care professional who monitors your health and diagnoses and treats health issues. This person will refer you to a specialist if more care is required. With a number of health insurance plans, care from specialists will only be paid for if the patient is referred by their primary care doctor. An HMO or POS plan provides you with a directory of doctors from where you will select your primary care doctor. PPOs permit members to use primary care doctors outside the PPO network (at a greater cost). With indemnity plans, any doctor can be selected.