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The correct answer focuses on the primary objectives of the Health Insurance Portability and Accountability Act (HIPAA), which is fundamentally centered around safeguarding the privacy and security of healthcare data. HIPAA establishes national standards designed to protect sensitive patient information from being disclosed without the patient's consent or knowledge. The regulations ensure that healthcare providers, as well as health plans and clearinghouses, implement appropriate administrative, physical, and technical safeguards to secure electronic health information.

While cost management and insurance coverage, healthcare provider relationships and patient rights, and insurance fraud prevention are relevant topics within the broader context of healthcare, they do not specifically represent the main focus of HIPAA. Instead, HIPAA’s core provisions are explicitly about ensuring that healthcare entities protect and handle patient information responsibly. Therefore, the emphasis on privacy and security aligns precisely with HIPAA’s objectives. This legislative framework is critical in maintaining trust in healthcare systems, as it mandates that personal health information remains confidential and secure.