Know Your Health Insurance Terminology
Insurance should be easy to understand and accessible to everyone. That's why we created this insurance dictionary highlighting the terms you need to know, in plain English.
- Affordable Care Act (ACA)The Patient Protection and Affordable Care Act (more commonly known as the Affordable Care Act [ACA] or Obamacare) is a healthcare reform law enacted in 2010 with the intention of providing more affordable health insurance to more people. The ACA introduced us to the insurance marketplace with(...)
- Allowed AmountThe allowed amount is the maximum dollar amount your insurance pays for services billed by your provider. If the allowed amount is less than the billed amount, the provider may bill you the difference (also known as “balance billing”). For example, your insurance may pay up to $25 for labs and(...)
- Assignment of BenefitsAssignment of benefits means you have agreed to allow your provider to file a claim for covered services directly with your insurance company, and your insurance will pay the provider directly. You most likely signed an assignment of benefits form when you filled out your paperwork at the(...)
- Association Health Plan (AHP)Association Health Plans (AHPs) are a type of group coverage available to individuals and small companies. The associations often offer health insurance that may be less expensive than an ACA plan on the marketplace. Keep in mind that AHPs are not necessarily ACA-compliant and may have limited(...)