Common Insurance Terminology
Insurance Made Simple
We believe the better educated you are, the better decisions you'll be able to make about insurance. Below you will find a list of common insurance-related acronyms and their definitions.
Please be sure to contact us if you have any questions at 208-286-7883.
-
APTC: Advance Premium Tax Credit - A tax credit determined by the Department of Health and Welfare to lower the monthly cost of premiums for Insurance plans sold through Your Health Idaho.
-
CMS: Center (for) Medicare (& Medicaid) Services
-
CSR: Cost-sharing Reduction - A discount that lowers the amount you pay out-of-pocket for things like deductibles, co-insurance, and co-payments. Eligibility is determined by the Department of Health and Welfare and to qualify, your income must fall within a certain range and you must enroll in a silver level health plan.
-
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