Insurance Glossary

The Affordable Care Act (ACA), also known as Obamacare, is a landmark health care reform law enacted in the United States in 2010.

An annual deductible is the amount of money you pay out-of-pocket for covered healthcare services before your insurance plan starts to pay.

The most you have to pay for covered services in a plan year.

Assignment of Benefits (AOB) is a legal agreement that allows a healthcare provider, such as a doctor, hospital, or other medical facility, to bill your health insurance plan directly and receive payment for the services they provide to you.

Cancer insurance is a type of supplemental health insurance that provides a lump-sum cash benefit upon the diagnosis of cancer.

Catastrophic medical insurance is a type of health insurance that provides coverage for very large and unexpected medical expenses, typically those associated with severe illnesses or injuries that require extensive treatment and long-term care.

A copayment, or copay, is a fixed dollar amount that you pay for a covered healthcare service, typically at the time you receive the service.

Critical illness insurance is a type of insurance that pays a lump-sum cash benefit to the policyholder upon the diagnosis of a specified critical illness, such as cancer, heart attack, stroke, or kidney failure.

Dental insurance is a type of insurance that helps cover the costs of dental care, including routine checkups, cleanings, fillings, extractions, and other dental procedures.

A Health Maintenance Organization (HMO) is a type of health insurance plan in the USA that provides comprehensive medical care to its members through a network of healthcare providers.