Medical - Insurance against loss through sickness or injury. Both group and individual medical insurance is obtained in many forms - HMO, PPO, POS, HSA and Self-Funded plans among others.
Dental - Typically offered on a group basis, dental insurance covers the costs, or portions of the costs, of normal dental maintenance as well as oral surgery and root canal therapy.
Vision - Typically covers all or portions of charges incurred during eye exams, for lenses, frames or contact lenses.
Life - Insurance against loss due to death. Upon an insuredıs death, the insurance company pays a specified sum or income to the beneficiary.
Accidental Death and Dismemberment - The benefit payable if an insured loses his life or a member of his body as a result of an accident, while insured under active policy.
Long-Term Disability - A coverage that provides income should an insured become disabled for a long period of time due to illness or injury.
Short-Term Disability - A coverage that provides income should an insured become disabled for a short period of time due to illness or injury.
Long-Term Care - A policy that provides for daily indemnity benefits for extended care of confinement.
401(k) - A plan established by employers to which eligible employees may make salary deferral contributions on post and/or pre-tax basis. Employers may make matching or non-elective contributions to the plan on behalf of eligible employees and may also add a profit sharing feature to the plan. Earnings accrue on a tax-deferred basis.
Supplemental/Worksite Benefits - Typically voluntary - purchased and funded by participants - Payroll Deduction Plans such as Life, Disability, Vision, Dental, and Section 125 Plans. _Long-Term Care Insurance - A policy that provides for daily indemnity benefits for extended care of confinement.
Business Overhead Insurance - designed to reimburse a business for overhead expenses in the event a business owner becomes disabled.
Key Man Life Insurance - A life insurance policy bought by a company, usually a small business, on the life of a key executive, with the company as the beneficiary.
Administrative Services Only (ASO) - A business contract under which an insurance company agrees to perform specific administrative duties for the maintenance of a self-funded health.
Self-Funding - The concept of assuming a financial risk oneself, instead of paying an insurance company to take it on.
Consumer Driven Health Care (CDHC) HSA and HRA - consumer driven health care (CDHC) refers to health insurance plans which have high deductibles and allow members to use personal Health Savings Accounts and Health Reimbursement Arrangements
Section 125 Plans - IRS Section 125 Plans give employees the opportunity to pay for eligible medical and dependent care expenses on a tax-free basis. Contributions are made before federal income taxes, Social Security taxes, and most state income taxes are calculated.
Flexible Spending Accounts - Medical Flexible Spending Accounts offer employees the opportunity to pay for eligible out-of-pocket medical costs with pretax dollars. The employer sets the annual maximum contribution for this account.
Dependent Care Reimbursement Account - Employees can use the Dependent Care Flexible Spending Account to pay for eligible dependent care expenses with pre-tax dollars up to $5,000 per family per year.
Commuter Reimbursement Account - A Commuter Reimbursement Account allows employees to set aside pre-tax money to pay for eligible transportation and parking expenses. Transit Pass and Commuter Highway Vehicle Expenses are limited to $115/mo collectively. Qualified Parking Expenses are limited to $220/mo.
EAP and Wellness Programs - A service, plan or set of benefits that are designed for personal or family problems, including mental health, substance abuse, gambling addiction, marital problems, parenting problems, emotional problems or financial pressures
Mini-Med Plans - A Mini-Med is a limited benefit indemnity health insurance plan which can be issued with very few restrictions through age 64.
