Key insurance terms that start with "F"

A list of prescription medications that your insurance plan covers. Each plan has its own formulary, which may vary by plan tier. Drugs on the formulary may have different copays or coinsurance amounts depending on whether they're preferred or non-preferred medications. You can review your plan's formulary before you enroll.

A workplace benefit that lets you set aside pre-tax dollars to pay for eligible health care and dependent care expenses. FSA contributions reduce your taxable income, saving you money on taxes. You must use FSA funds during the plan year or lose them, though some plans offer a limited carryover.

The income level set by the federal government. Many health insurance subsidies and programs, such as Medicaid and the APTC, are based on a percentage of the federal poverty level. For example, if you earn 200% of the FPL, you may be eligible for cost-sharing reductions when you buy a Silver plan.

Health insurance that covers your entire family, including spouses and children (typically up to age 26). Family coverage costs more than individual-only coverage but provides protection for multiple family members. Family plans typically have one deductible per person and may have a family out-of-pocket maximum.