Insurance 101

We believe that the better educated you are on insurance, the better you'll be able to make good decisions about insurance. That's why we've created this coverage options section. It's here to educate you on insurance and provide you with the resources you will need to select the right plan for your unique needs and get the most out of the plans you purchase. If there's anything you need or if you have any questions, please feel free to contact us.

Click on a link to the right for more in-depth information or check below for some "common" terms you might hear tossed around online that make no sense.

An informative educational video explaining how premiums and deductibles work can be found here, courtesy of CNBC:

Common Insurance Terminology

Below is a list of insurance-related acronyms and definitions that seem to come up a bit more often than others. If you come across an acronym you think should be added, please be sure to contact us!

  • APTC: Advance Premium Tax Credit
  • CMS: Center (for) Medicare (& Medicaid) Services
  • CSR: Customer Service Representative
  • EHB: Essential Health Benefits
  • ESRD:  End Stage Renal Disease
  • FSA: Flexible Spending Account
  • GA: Guaranteed Issue; a situation where a policy is offered to any eligible applicant without regard to health status.
  • HDHP: High Deductible Health (Insurance) Plan
  • HIPAA: Health Insurance Portability (&) Accountability Act
  • HMO: Health Maintenance Organization; gives access to certain doctors and hospitals within its network to utilize.
  • HRA: Health Reimbursement Account
  • HSA: Health Savings Account
  • ICEP: Initial Coverage Enrollment Period
  • IEP: Initial Enrollment Period
  • IPN:  Independent Provider Network
  • LIS: Low Income Subsidy
  • LOA:  Licensed Agent Only
  • LOCC: Letter of Credible Coverage
  • LOR:  Letter of Record
  • MAPD: Medicare Advantage Prescription Drug
  • MGA:  Main General Agent
  • MPTC: Monthly Premium Tax Credit
  • MSA: Medical Savings Account
  • OEP:  Open Enrollment Period
  • OSB: Optional Supplemental Benefits
  • PAC:  Prior Authorization (Auto Pay)
  • PCP: Primary Care Physician
  • PDP: Prescription Drug Plan
  • PFFS: Private Fee For Service
  • PHI: Protected health information
  • PPACA: Patient Protection (&) Affordable Care Act
  • PPO: Preferred Provider Organization, gives relative freedom to choose which doctors and hospitals they want to utilize.
  • SEP: Special Enrollment Period
  • SNP: Special Needs Plan