Insurance and Health Care Terms

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Health Insurance

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Coverage for an individual’s (or family‘s) medical expenses from illness or injury.

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Affordable Care Act (ACA)

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Also known as Obamacare; the health care reform law enacted in 2010, intended to make affordable health insurance more available.

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Subsidizing

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The practice of employers paying for a portion of their employees‘ insurance premiums.

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Health Insurance Marketplace

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A platform where individuals, families, and small businesses can compare health insurance plans.

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High-Deductible Health Plan (HDHP)

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A health plan with a high minimum deductible for medical expenses.

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Health Savings Account (HSA)

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A tax-exempt savings account dedicated to health care costs; only available for individuals on a high-deductible health plan (HDHP).

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Lifetime Limit

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The maximum amount of lifetime benefits a person can receive from their insurance company.

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Homeowners Insurance

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Protection for losses to a private residence and the possessions within it, as well as liability coverage against accidents in the home or on the property.

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Renters Insurance

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Protection for destroyed or stolen personal property for a renter.

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Umbrella Insurance

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Optional extended liability coverage that can be added to auto and homeowners policies.