Deductible
The amount you usually pay before insurance starts sharing covered costs.
Health & Finance Glossary
Plain-English definitions for terms in medical bills, insurance plans, credit offers, and savings decisions.
Copay
A fixed amount you pay for a covered service.
Coinsurance
Your percentage share of a covered cost after the deductible.
HSA
A Health Savings Account for eligible high-deductible health plans.
FSA
A Flexible Spending Account used for eligible health expenses.
Medicare
Federal health insurance mainly for people 65+, certain disabled people, and some serious conditions.
Medicaid
Federal-state coverage for eligible people with limited income or resources.
Credit Score
A number lenders use to estimate borrowing risk.
APR
Annual percentage rate, including interest and certain borrowing costs.
Compound Interest
Interest earned on both principal and previous interest.
Premium
The regular payment for insurance coverage.
Network
Providers and facilities contracted with a plan.
Formulary
A health plan list of covered prescription drugs.
Out-of-Pocket Maximum
The most you pay for covered in-network services in a plan year.
Prior Authorization
Plan approval required before certain services or prescriptions.
Medigap
Supplemental insurance that helps pay Original Medicare costs.
Medicare Advantage
Private Medicare plan also called Part C.
Part D
Medicare prescription drug coverage.
Emergency Fund
Savings reserved for unexpected essential expenses.
Utilization
How much available credit you are using.
Balance Transfer
Moving debt to another card, often for lower promotional interest.
Minimum Payment
The smallest required credit card payment for the month.
Principal
The original amount borrowed or invested.
Beneficiary
A person eligible for benefits or named to receive assets.
Subsidy
Financial help that lowers a cost.
Marketplace
HealthCare.gov or a state exchange for buying health insurance.
Claim
A request for payment submitted to insurance.
EOB
Explanation of Benefits, a statement showing how insurance processed a claim.
Grace Period
Extra time before a payment or coverage consequence applies.
Tax Credit
A dollar-for-dollar reduction in tax owed.
Provider Network
The doctors, hospitals, and pharmacies connected to a plan.
Premium Tax Credit
Marketplace assistance that lowers eligible monthly insurance premiums.
