Key insurance terms that start with "H"

Medical services provided by a hospital that don't involve an overnight stay. Hospital outpatient care includes emergency room visits, surgical procedures, diagnostic tests, and other treatments performed at the hospital. These services are often covered by health insurance with a copay or coinsurance.

Medical and supportive services for people with terminal illnesses or life-limiting conditions. Hospice focuses on comfort and pain relief rather than curing the illness. Hospice services are typically covered by health insurance and include nursing care, medications, and support for family members.

Health care services provided in your home, such as nursing care, physical therapy, and wound care. Home health care is usually ordered by a doctor and covered by insurance when medically necessary. It allows people to receive care at home rather than in a hospital or nursing facility.

A health insurance plan with a higher deductible than typical plans, which means lower monthly premiums. To qualify for an HSA, you must be enrolled in an HDHP. HDHPs are suitable for people who expect minimal health care needs and want to save on premiums.

A tax-advantaged savings account for people with high-deductible health plans. You can contribute pre-tax money to an HSA and use it to pay for qualified medical expenses. HSA funds roll over year to year, and after age 65 unused funds can be used for any expense without penalty.

An employer-funded account that reimburses employees for eligible medical expenses and health insurance premiums. Unlike FSAs, unused HRA funds can roll over to the next year. HRAs are funded entirely by the employer and are often used to help employees pay for high deductibles.

Different types of health insurance plans categorized by how they manage care and costs. The main categories are HMO, PPO, EPO, and POS plans. Each type has different rules about using in-network providers and the flexibility you have in choosing doctors and hospitals.

A type of health insurance plan where you must use doctors and hospitals within the plan's network. HMO plans typically have lower premiums and out-of-pocket costs than PPO plans, but they are more restrictive. You usually need to choose a primary care physician who coordinates your care.

A website where you can compare and enroll in health insurance plans. The federal health insurance marketplace (Healthcare.gov) serves most states, while some states operate their own marketplaces. Open enrollment runs from November 1 to January 31, and you can buy marketplace plans during this period or if you have a qualifying life event.

A contract between you and an insurance company that covers your health care costs. Health insurance typically covers doctor visits, hospital stays, prescriptions, and other medical services. You pay a monthly premium, and the insurance company helps pay for your covered health care.

A waiver from the health insurance requirement under the Affordable Care Act if you experience certain hardships, such as homelessness, domestic violence, or serious financial difficulties. If you qualify for a hardship exemption, you are not required to have health insurance and won't pay a penalty for being uninsured.