Insurance terms

HIPAA stands for Health Insurance Portability and Accountability Act. In a nutshell, it's a law in the United States that protects your medical privacy and ensures you can keep your health insurance even if you change jobs or lose your job.

An HSA is a savings account specifically for medical expenses. It allows individuals with high-deductible health plans to contribute pre-tax income, and withdrawals for qualified medical expenses are tax-free. Plus, the money rolls over year after year.

Legal entitlement to payment or reimbursement for your health care costs, generally under a contract with a health insurance company, a group health plan offered in connection with employment, or a government program like Medicare, Medicaid, or the Children’s Health Insurance Program (CHIP).

The Health Insurance Marketplace, established by the ACA, is an online platform where individuals, families, and small businesses can compare, shop for, and enroll in health insurance plans. It offers a range of options and helps individuals find coverage that meets their needs and budget.

The upfront monthly or annual amount you have to pay to maintain enrollment access to coverage benefits through private insurance plans or state marketplaces.

An HMO is a type of health insurance plan that requires you to choose a primary care physician (PCP) and get referrals from them to see specialists. It focuses on preventive care and often has a network of doctors and hospitals you must use for coverage.

HCPCS is a collection of standardized codes that represent medical procedures, supplies, products and services. The codes are used to facilitate the processing of health insurance claims by Medicare and other insurers.

A health care provider is an individual health professional or a health facility organization licensed to provide health care diagnosis and treatment services including medication, surgery and medical devices.

Health care service contractor means any corporation, cooperative group, or association, which is sponsored by or otherwise intimately connected with a provider or group of providers.

Healthcare.gov is the official website created by the federal government, where people can enroll in health insurance plans through the Health Insurance Marketplace. It provides information about available plans, subsidies, and enrollment assistance.

An HDHP is a health insurance plan with a higher deductible than traditional plans. It often comes with lower premiums but requires higher out-of-pocket costs before insurance coverage kicks in.