Healthcare Reform and Individual Health Insurance Coverages

A set of vocabulary flashcards summarizing key terms and concepts related to healthcare reform and individual health insurance coverages, as discussed in the lecture.

Affordable Care Act (ACA)

A comprehensive healthcare reform law enacted in March 2010 that aims to provide health coverage to millions of uninsured Americans and lower healthcare costs.

Managed Care

A health insurance plan that contracts with healthcare providers to offer services at reduced costs while emphasizing cost control.

Health Savings Account (HSA)

A tax-exempt account established exclusively for paying qualified medical expenses, available only to individuals covered under a high-deductible health plan.

Essential Health Benefits

A set of health care service categories that must be covered by certain plans under the Affordable Care Act.

Long-Term Care Insurance

Insurance designed to provide coverage for prolonged healthcare needs, typically in a nursing facility or at home, covering costs like custodial care.

Disability Income Insurance

Insurance that provides income payments to individuals who are unable to work due to a sickness or injury, usually covering 60-70% of prior earnings.

Individual Mandate

A provision of the ACA requiring most citizens and legal residents to have qualifying health insurance or pay a penalty.

Catastrophic Plan

A type of health insurance plan that typically has lower premiums and higher deductibles, covering essential health benefits after the deductible is met.

Coinsurance

A provision in health insurance that requires the insured to pay a certain percentage of the costs of covered services after the deductible is met.

Copayment

A fixed amount of money that an insured person pays for a particular healthcare service, such as a doctor's visit.