You can be an expert on your own medical conditions, have a hard-earned graduate degree, or kill them words Crusaders on Saturdays, but you can yet confused regarding health insurance. health plans and coverage information often include language that we do not know - especially with so many acronyms. GoHealth is there to help. No judgment, no nonsense, just the explanation you need.
Before going through the plans as of November 15 or to consider changes to the coverage you currently have, brush on these Medicare acronyms you need to know to make informed decisions. Who knows? One of them might even appear in crossword next week
CHIP -. children's health insurance program (CHIP) provides free care or low-cost coverage for more than 7 million children and adolescents. To qualify, you must be aged under 19 years, has no health coverage and be a US citizen, US National or Qualified Alien
APTC -. Tax Credits Advanced Prime (APTC) are government grants that are offered to individuals and families eligible to reduce their monthly premiums. Eligibility is determined by the size of your household and your income
FPL -. Federal poverty level (FPL) is an income level measurement can help determine whether you are eligible for certain programs and benefits, including tax subsidies from the government. Tax subsidies are offered on the market plans for anyone making between 100 percent and 400 percent of the federal poverty level
FSA -. A flexible spending account (FSA) is a system set up by your employer that allows you to contribute pretax dollars to pay for medical expenses out of pocket. The funds do not run from year to year, so it's important to spend what you have saved
HSA -. A health savings account (HSA) is an account that is available to taxpayers who are enrolled in a high deductible plan. All account funds are to be used to pay for eligible medical expenses and will run from year to year.
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