List of insurance terms and definitions

Medicare, health insurance, and life insurance terms can be confusing, so we have created a resource that defines some common ones for you in simple terms.

Either use the search bar or browse a list of terms below:

Have a question or don't see a term listed that you think should be? Please contact us

or

Pick from the full list of defined terms below (sorted A-Z):

Annual Enrollment Period

CMS

Co-Insurance

Copay

Critical Illness (Cancer, Heart Attack, Stroke, etc.)

Deductible

Dual Eligible

Dual Special Needs Plan (DSNP)

Extra Help

Federal Poverty Line (FPL)

Final Expense (FE)

Guaranteed Issue Life Insurance (GI)

Health Maintenance Organization (HMO)

Hospital Indemnity

Indexed Universal Life Insurance (IUL)

Initial Enrollment Period

Life Insurance

Life Insurance Rates

Long Term Care

Low Income Subsidy (LIS)

Medicaid

Medicare

Medicare Advantage (MA)

Medicare Eligibility

Medicare Open Enrollment

Medicare Supplement Insurance (Med Supp / Medigap)

Medicare Supplement Plan G

Original Medicare

Out-of-Pocket Maximum (OOP)

Over-the-Counter (OTC)

Permanent Life Insurance

Preferred Provider Organization (PPO)

Premium

Prescription Drug Plan (PDP)

Qualified Disabled and Working Individuals (QDMI)

Qualified Medicare Beneficiary (QMB)

Qualifying Individual (QI)

Social Determinants of Health (SDOH)

Specified Low-Income Medicare Beneficiary (SLMB)

Term Life Insurance

Universal Life Insurance (UL)

Whole Life Insurance

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Closed Saturday & Sunday

6201 Fairview Road, Suite 200, Charlotte, NC 28210

Site Last Updated: 3/18/2024

Disclaimer: Keen Insurance Services, Inc. is a licensed insurance agency that helps Medicare beneficiaries navigate Medicare plan selection, enrollment, and coverage. Keen is not affiliated or connected with Medicare, or any other United States government program or agency. In most states, Keen Insurance Services, Inc does business as Keen Insurance Services, Inc. In West Virginia, Keen Insurance Services, Inc. does business as Keen Medicare Services, Inc.

We do not offer every plan available in your area. Currently we represent 22 organizations which offer 2824 products in your area. Please contact Medicare.gov, 1–800–MEDICARE, or your local State Health Insurance Program to get information on all of your options.

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List of insurance terms and definitions

Have a question or don't see a term listed that you think should be? Please contact us

or

Pick from the full list of defined terms below (sorted A-Z):

(888) 443-5336