Tax Credit
An amount that a person or family subtracts from the amount of income tax that they owe.
Tax Deduction
Refers to the amount an individual or family can subtract from their gross income when calculating their taxes owed.
Tax on High-Cost Insurance
A new tax, beginning in 2018, also known as the "Cadillac Tax" that applies only to individual insurance plans that cost over $10,200 or family plans that cost over $27,500.
Tax on Indoor Tanning Services
The Affordable Care Act implements a 10% tax on indoor tanning revenue.
Tax on Medical Devices
The Affordable Care Act implements a 2.3% excise tax on the sale of any taxable medical device.
Tax Preference for Employer-Sponsored Insurance
Under the current tax code the amount employers spend on health insurance is tax deductible and not considered taxable compensations; similarly, employees’ contributions toward their premiums can be made with pre-tax dollars. Individuals purchasing insurance on their own do not benefit from the same preferential tax treatment.
Teaching Health Centers
Qualifying care centers that offer residency programs.
Temporary High-risk Pools
Temporary insurance plans, mandated by the Affordable Care Act, that provide coverage to individuals with pre-existing conditions.
Tertiary Care
The level of care, usually on referral from primary or secondary medical care personnel, performed by specialists that consist of complex procedures and advanced technology, often delivered in a medical facility.
Third Party Administrator (TPA)
A company or organization that is responsible for the administration of a health plan but does not carry the monetary risk.