Insurance and Health Care Terms

Health Savings Account (HSA)

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

• A type of investment account for retirement savings.

• A government-funded health insurance program for low-income individuals.

• A savings account that can be used for any type of expense without tax penalties.

Subsidizing

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

• The act of providing financial assistance to individuals for purchasing goods.

• A method of reducing taxes for businesses to encourage growth.

• The process of increasing wages to match inflation rates.

Affordable Care Act (ACA)

• A health care reform law enacted in 2010, also known as Obamacare.

• A tax reform law aimed at reducing the national deficit.

• A law that regulates the pharmaceutical industry.

• A program that provides free health care to all citizens.

Lifetime Limit

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

• The minimum amount of coverage required by law.

• The total number of claims a person can file in their lifetime.

• The maximum premium a person can pay for their insurance.

Umbrella Insurance

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

• A type of insurance that covers only natural disasters.

• Insurance that provides coverage for personal property only.

• A mandatory insurance for all vehicle owners.

Health Insurance

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

• A type of investment that guarantees returns over time.

• A government program that provides free healthcare to all citizens.

• A policy that covers only dental and vision expenses.

High-Deductible Health Plan (HDHP)

• A health plan with a low minimum deductible for medical expenses.

• A health plan that requires no deductible for medical expenses.

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

• A health plan that covers only preventive services.

Renters Insurance

• Protection for destroyed or stolen personal property for a renter.

• Coverage for homeowners against natural disasters.

• Insurance for vehicles against theft and damage.

• Financial assistance for renters facing eviction.

Homeowners Insurance

• Coverage 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.

• Insurance that covers only the structure of the home, excluding personal belongings.

• A type of insurance that protects against natural disasters only.

• Coverage for personal belongings outside the home, such as in a car or while traveling.

Health Insurance Marketplace

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

• A government program that provides free healthcare to all citizens.

• A website that sells only life insurance policies.

• A service that offers discounts on medical services without insurance.