Familiarizing yourself with the Affordable Care Act (ACA) and other related key terms is important to better understand your health care options. The following terms will help build your knowledge on how the ACA functions and what you can do to make sure you are covered.

Whether you're just starting to explore ACA health plans or need a little bit of a refresher, we're here to help you better understand your health coverage.

When affordable care is your priority, helping you understand the Affordable Care Act is ours.

1. Affordable Care Act (ACA)

The Affordable Care Act is sometimes referred to as "Obamacare" and has helped make health coverage affordable and available to more people. The law gives consumers subsidies that lower the cost of health coverage for households with low income levels.

The ACA offers those with preexisting conditions or limited finances health plans that are more affordable through the Health Insurance Marketplace®. The ACA also prohibits anyone from being denied coverage due to preexisting conditions.

2. Healthcare.gov

This is an exchange website run by the Federal government where you can compare plans and enroll in health coverage. Healthcare.gov is filled with information regarding how to apply for health coverage and which plan options are most beneficial for you.

3. Advanced Premium Tax Credit (APTC)

An advanced premium tax credit is a tax credit based on your estimated income and household size for the year your applying for coverage. It's called an advanced premium tax credit because you can use the credit to help pay your monthly premium in advance, directly to your health plan. A health premium is the amount of money you pay for your health coverage each month.

Since the APTC is based on your estimated income, you need to reconcile the amount paid on your behalf when you file your federal tax return. Learn more about how to save on health coverage.

4. Cost Sharing Reduction (CSR)

A cost-sharing reduction (CSR) reduces your deductible, copayments and coinsurance when you receive a service. Qualification is based on your income and household size. The lower your income, the less you will pay each time you receive medical services. These extra savings are only available on Silver plans.

5. Metal levels

Metal levels can help show how a plan's cost and coverage are balanced. There are three different metal levels: bronze, silver, and gold. A higher metal level like gold will have a higher monthly premium but will save you more money when receiving care. This is a good option for those who expect to need a lot of health care. A lower metal level like bronze will be a less costly premium but will be more money when receiving care. This is a good option for those who do not expect to need a lot of health care. These categories have nothing to do with the quality of care.

6. Health Savings Account (HSA)

A Health Savings Account is an account available on some plans that lets you set aside untaxed income for medical spending. When you take money out of your Health Savings Account to pay for certain medical expenses, you can take it out tax-free. You can either keep the money in your account as cash savings or invest a percentage of the funds for tax-free gains. To open an HSA account, you must be enrolled in a high-deductible health plan.

Information and resources

To learn about more health terms related to your health coverage, explore our Individual and family health plans Learning Center. You'll find articles on how to save on health coverage and how to choose the right plan for you.