Terms You May Have Heard:
Health Saving Account - A Health Savings Account (HSA) is a type of savings account that allows you to set aside money on a pre-tax basis to pay for qualified medical expenses. Currently though, they can only be used by those who have a High Deductible Health Plan (HDHP). Scott Atlas’ plan would make HSA eligibility universal, regardless of a consumer’s insurance plan.
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Deductible - Your deductible on your insurance plan is the amount of money you have to pay for eligible services before your insurance company starts to pay for the services. For instance, if you have a $5,000 deductible, you pay up to $5,000 for services, at which point the costs after $5,000 is covered by the insurance company.
High-Deductible Health Insurance - A high-deductible health insurance plan (HDHP) increases the amount you have to pay out of pocket each year before the insurance company begins covering your care, but also lowers your monthly premiums. Moreover, HDHPs not only makes you eligible for health savings accounts, but also shift authority and control of the health-care dollar to the patient, eliminate the administrative burden from small claims, and reintroduce the patient as the customer—all positive steps toward improving our health-care system.
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Single Payer Health Care - A single payer health care system is where the government pays for all health care expenses, financed by tax revenue. Single payer refers to paying for health care, not necessarily the provision of care. Hospitals and other points of delivery can be privately owned and operated in single payer systems.
Medicare - Medicare is the federal health insurance program for people who are 65 or older. Workers contribute Medicare payroll taxes throughout their working lives and receive Medicare once they reach the retirement age. Medicare covers hospital insurance (Part A), supplementary medical insurance (Part B), and prescription drug coverage (Part D).
Medicaid - Medicaid is a state-run and partially federally-funded program that provides health insurance to low-income Americans.