Grace period

A short period after your monthly health insurance payment is due to pay all owed premiums to avoid losing coverage.

Federal poverty level (FPL)

A measure of income issued every year by the Department of Health and Human Services (HHS). Federal poverty levels are used to determine your eligibility for certain programs and benefits, including savings on Marketplace health insurance, and Medicaid and CHIP coverage.

Lawfully present

The term “lawfully present” is used to describe immigrants who have:

Affordable coverage

In 2024, a job-based health plan is considered “affordable” if your share of the monthly premium in the lowest-cost plan offered by the employer is less than 8.39% of your household income.

Minimum value

A standard of minimum coverage that applies to job-based health plans. If your employer’s plan meets this standard and is considered “affordable,” you won’t qualify for a premium tax credit if you buy a Marketplace insurance plan instead.

Flexible Spending Account (FSA)

An arrangement through your employer that lets you pay for many out-of-pocket medical expenses with tax-free dollars. Allowed expenses include insurance copayments and deductibles, qualified prescription drugs, insulin, and medical devices.

Open Enrollment Period

The yearly period (November 1 – January 15) when people can enroll in a Marketplace health insurance plan. Outside Open Enrollment, you may still be able to enroll in Marketplace coverage if you have certain life events, like getting married, having a baby, or losing other health coverage, or based on your estimated household income. […]

Health Savings Account (HSA)

A type of savings account that lets you set aside money on a pre-tax basis to pay for qualified medical expenses. By using untaxed dollars in a Health Savings Account (HSA) to pay for deductibles, copayments, coinsurance, and some other expenses, you may be able to lower your overall health care costs. HSA funds generally […]

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