Insurance terms

A QHP is a health insurance plan that meets the Affordable Care Act (ACA) standards, offering essential health benefits and consumer protections and meeting certification requirements to be sold on the health insurance marketplace.

This is a benefit that businesses with fewer than 50 employees can offer to help their workers pay for qualified medical expenses, including health insurance premiums.

This refers to health insurance coverage that meets the minimum standards set by the ACA, ensuring individuals comply with the law's requirement of having health insurance.

Under the Affordable Care Act (ACA), a qualifying event refers to a significant life change that allows individuals to enroll in or change their health insurance plans outside the regular enrollment period (OEP). These events might include getting married, having a baby, adopting a child, losing existing health coverage due to reasons like job loss, or experiencing a change in household composition due to divorce or death. Additionally, moving to a new area that offers different health plan options can also be considered a qualifying event. Qualifying events trigger a Special Enrollment Period (SEP), allowing individuals to adjust their health insurance coverage to accommodate the new circumstances. It allows affected individuals and their families to access healthcare coverage or change their existing plans to suit their needs better. The Special Enrollment Period typically lasts for a limited time after the qualifying event, allowing individuals to secure adequate healthcare coverage during these critical life transitions.

A process that looks at activities or products on a regular basis to make sure they are being done at the required level of excellence.