The adjective subcutaneous is a medical term that describes anything that exists or is inserted just below the skin.
Unfortunately, you're most likely to hear the word subcutaneous at the hospital or doctor's office when you're just about to get a shot. The word itself is made up of sub, which is "under" in Latin, and cutaneous, which comes from cutis, meaning "skin." The only actual synonym for subcutaneous is hypodermic, which also usually describes a needle that is inserted below the skin.