Health care acronyms you need to know

doctor talking with patient

It’s not uncommon to see health insurance abbreviations on documents both from your care providers and your benefits administrator at work. That’s why knowing a few commonly used medical acronyms can help put you on solid footing with your providers and help you make better health care decisions for yourself.

Common medical acronyms and definitions

These terms may be a great resource when reviewing your medical bills, talking to medical professionals or even your benefits administrator at work.

Common health care terms heard at work

Acronym

Term

COBRA

Consolidated Omnibus Budget Reconciliation Act

FMLA

Family and Medical Leave Act

FSA

Flexible Spending Account

HSA

Health Savings Account

 

Health insurance plan abbreviations

Acronym

Term

ACA

Affordable Care Act

EPO

Exclusive Provider Organization

HMO

Health Maintenance Organization

PPO

Preferred Provider Organization

HDHP

High-Deductible Health Plan

HRA

Health Reimbursement Account

 

Common health insurance terms

Acronym

Term

PCP

Primary Care Physician

QLE

Qualifying Life Event

SBC

Summary of Benefits and Coverage

EOB

Explanation of Benefits

EMR

Electronic Medical Record

Understanding tax-deductible health accounts

It is normal for people to get confused when talking about HSAs and FSAs — two of the most common health acronyms you’ll come across — so let us help explain the difference. Both the Health Savings Account (HSA) and the Flexible Spending Account (FSA) allow you to contribute pre-tax dollars for anticipated health care-related expenses .

An HSA is a tax-deductible savings account that helps you pay for qualified out-of-pocket medical expenses. It is typically attached to a high deductible health plan. If you don’t have an HSA at work, you may be able to set one up with a financial institution, including LGFCU. If you have a health plan through a job, you can use an employer-sponsored FSA to pay for copayments, deductibles, certain drugs and some other health care costs. Remember, there are many ways to use your FSA funds.

With HSAs you can roll over the entire remaining balance to the next year. FSAs may only roll over up to a certain pre-established limit. The good news is that funding an HSA or FSA means less of your take-home pay is taxed.

Control your health care

If you’re unsure about an acronym used, don’t be afraid to ask for clarification. Only you can decide what’s best for you.

The advice provided is for informational purposes only.

Send us feedback!

Let us know how we can improve our content by leaving us a comment!
CAPTCHA
This question is for testing whether or not you are a human visitor and to prevent automated spam submissions.
Image CAPTCHA
Enter the characters shown in the image.

Share this article: