9cff82d2__Your_Indispensable_Guide_TIME__What_it_is
[Term] Public Option [Why it matters] This is one of the most controversial parts of health-care reform. Obama says a public plan would "keep the insurance companies honest" by giving them competition. But the private insurers are vehemently opposed to a public plan, as are Republicans, who say it would be a government incursion into the free market. [What it is] 
A government-run health-insurance plan that could offer coverage at a cost below that of private insurance plans because of lower administrative costs and possibly lower reimbursements to doctors and hospitals.
Understanding the Health-Care Debate: Your Indispensable Guide-TIME
What it is