Health care acronyms you need to know

It’s not uncommon to see health insurance terms and abbreviations on documents both from your health 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 health care 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 used at work

Health insurance plan abbreviations

Common health insurance terms

Understanding tax-deductible health accounts

It’s 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 an employer, 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.