Glossary

Glossary - H

HDHP

See High Deductible Health Plan

HIPAA

A federal law passed in 1996 that established privacy rules creating national standards for protection of healthcare information and gave patients greater access to their own medical records and more control over how their personally identifiable health information is used. Additionally, the law allows portability for group coverage from one carrier to another group carrier. Pre-existing conditions may not be imposed if group coverage was effective for 12 months and not more than 63 days elapsed between coverage. If coverage was for less than 12 months, then pre-existing conditions may be imposed for only that portion of the 12 months not covered. A maximum of 12 months may be imposed for a pre-existing condition.

HMO

See Health Maintenance Organization

HRA (Health Reimbursement Arrangement)

HRAs are employer-funded accounts set aside to reimburse employees for qualified medical expenses. HRAs provide first dollar medical coverage until the funds are exhausted. Not to be confused with a Health Risk Assessment or Appraisal, also known as HRA.

HRA Rollover to Health Savings Account (HSA)

See FSA Rollover

HSA (Health Savings Account)

Tax-favored custodial accounts that eligible individuals who are covered by High Deductible Health Plans (HDHPs) can establish to pay for covered medical expenses of the eligible individuals, their spouses and/or their tax dependents.

HSA Benefit Plan

The combination of a High Deductible Health Plan and a Health Savings Account.

HSA Rollover to HSA

See Rollover Contributions

Health Coverage

The payment of benefits for covered sickness or injury. This may include dental, medical and vision care, as well as other benefits.

Health Insurance Portability and Accountability Act

See HIPAA

Health Maintenance Organization (HMO)

A corporation that is financed by insurance premiums and has member physicians and professional staff who provide curative and preventive medicine within certain financial, geographic, and professional limits to enrolled volunteer members and their families.

Health Plan

A plan offered or administered by an insurance carrier that provides for the financing or delivery of healthcare services to participants enrolled in the plan.

Health Reimbursement Arrangements

See HRA

Health Risk Assessment

A process in which an individual provides information about his or her current health status, personal and family health history, and health-related behaviors. The assessment is used to predict the individual's likelihood of experiencing specific illnesses or injuries. Also known as health risk appraisal, or HRA, but not to be confused with Health Reimbursement Arrangements (HRA).

Health Savings Account

See HSA

High Deductible Health Plan (HDHP)

A health plan that meets the statutory requirements for minimum annual deductibles and maximum out-of-pocket expenses according to IRS Code 223(c)(1).

Invest in your HSA with UMB HSA Saver

Now you can invest your HSA savings in UMB HSA Saver and take advantage of our easy-to-use investing platform.

HSAs build long-term wealth

HSAs are available to help pay for current qualified medical expenses as well as to save for future expenses, all in a tax-exempt account.

Watch how to use your HSA

Make the most of your HSA by watching this informational video.