🔤 Glossary
The jargon of work, money, and taxes, in plain language. Terms appear as hover cards across the site's calculators too.
COLA (Cost-of-Living Adjustment)
The yearly increase applied to Social Security payments to keep up with rising prices. It is said like the drink.
FRA (Full Retirement Age)
The age at which you can claim your full Social Security retirement benefit, with no reduction for claiming early.
IEP (Initial Enrollment Period)
The seven-month window around your 65th birthday when you first sign up for Medicare.
IRMAA (Income-Related Monthly Adjustment Amount)
An extra monthly charge added to Medicare Part B and Part D premiums for people whose income was above a set line. It is said "ur-muh".
MAGI (Modified Adjusted Gross Income)
The income figure used to decide whether you pay an extra amount for Medicare. It is said "MAG-eye".
MAPR (Maximum Annual Pension Rate)
The yearly income limit Congress sets for VA pension, which also decides how much pension is paid.
Medicare Part A (Hospital Insurance)
The part of Medicare that helps pay for inpatient hospital stays, skilled nursing care, hospice, and some home health care.
Medicare Part B (Medical Insurance)
The part of Medicare that helps pay for doctor visits, outpatient care, lab tests, and preventive services.
Medicare Part C (Medicare Advantage)
A way of receiving Medicare through a private company approved by Medicare, instead of directly through Original Medicare.
Medicare Part D (Prescription Drug Coverage)
The part of Medicare that helps pay for prescription drugs, including many recommended vaccines.
Medigap (Medicare Supplement Insurance)
Extra insurance bought from a private company to help pay your share of costs in Original Medicare.
Provisional income (combined income)
The income figure the IRS uses to decide how much, if any, of your Social Security benefit is taxable.
SEP (Special Enrollment Period)
A limited window to sign up for Medicare outside the usual times, opened by a life event such as leaving a job.
Spend-down
A route to Medicaid for people whose income is above the limit, by subtracting medical costs they have already incurred.
The coverage gap (the "donut hole")
A stage of Part D drug coverage where you once paid a larger share of costs. It was removed starting in 2025.