GENERAL GLOSSARY
- AD & D
- Accidental Death & Dismemberment Benefit
- B-l
- Form Monthly Salary Deduction Form for premium remittance
- Cafeteria Plan
- A flexible fringe benefit plan that gives employees choices of coverage desired
- COBRA
- Consolidated Omnibus Budget Reconciliation Act of 1985 mandating that employees must be offered continuation of coverage on themselves and their dependents upon the occurrence of certain qualifying events. (Pertains to health, dental, or vision)
- Contributory Coverage
- Employees help pay premium
- Evidence of Insurability
- A detailed form regarding medical information and history submitted for approval prior to obtaining coverage.
- Non-Contributory Coverage
- Premium fully paid by employer
- PAC
- Pre Authorized Check or Monthly Bank Draft
- TPA
- Third Party Administrator
- Waiver of Premium
- Allows insurance to continue for no further premium payment
MEDICAL GLOSSARY
- Coinsurance
- The percentage of covered costs you pay for services. Example: You pay 20% and the company pays 80% after deductible has been met.
- Co-Payment
- The flat free you pay for services in the POS/HMO health Care plan, usually for each office visit or each hospital stay.
- Deductible
- Amount you pay for services each year before the plan begins to pay any* benefits.
- HMO
- Health Maintenance Organization
- Indemnity Plan
- The traditional plan like previous BCBS coverage providing the greatest access to doctors and hospitals desired. You pay an annual $200 deductible, then plan pays 80% of covered expenses. Once you pay the next $1000 out of your own pocket, the plan pays 100% for the rest of the year.
- In Network
- Benefits received only from providers in network
- Managed Care
- A generic term that refers to a system of health care in which patients, doctors and hospitals work together to manage care in return for improved quality and lower costs.
- Managed Care Network
- Health care providers including doctors, hospitals and other medical service procedures who contract their services with a network manager.
- Out of Network
- Benefits received when you do not follow referral procedures.
- Out of Pocket
- The most you will have to pay toward your share of covered expenses during each plan year.
- PCP
- Primary Care Physician (Coordinates overall care)
- POS/HMO
- A managed care plan involving an organized system of health care delivery called a network, to provide quality, cost-effective care. Each plan consists of a network of doctors, hospitals, and other health care providers.
- POS
- Point of Service (At the time you need care)
- PPO
- Preferred Provider Organization (Associated with Traditional)
- Prescription Drug Benefit
- Go to a network pharmacy, have prescription filled and all you will pay is a small co-payment. It assumes use of generic when possible.
- Preventive Care Benefit
- Physical exams, checkups, gynecological exams, well baby care and immunizations, to detect medical problems early and often prevent illness or injury.
- R & C
- Reasonable and Customary Charges. You are responsible for paying all expenses over the reasonable and customary charges.
- UCR
- Usual Customary charges
DISABILITY GLOSSARY
- Long Term Disability/ Income Protection Plan
- Long term disability/Income Protection Plan is designed to begin where sick leave programs leave off, usually after 60 days or 90 days of disability continuing to age 65. Benefit normally pays 60% of your current salary at time disability claim is filed. Premium cost is usually not very expensive. Covers temporary or permanent disability for your current job.
- Short Term Disability/ Income Protection Plan
- Short term disability/Income Protection Plan* begins as of the day disability occurs and normally cover- you for a specified period of time. Premium cost is usually more expensive. Covers temporary or permanent disability for your current job.
LIFE GLOSSARY
- Term Life Insurance
- Life insurance purchased for a specific period of time for death benefit purposes. Term Life insurance does not build any cash value.
- Whole Life Insurance
- Life insurance purchased at a higher premium cost, for protection of death benefit as well as building cash value. Cash value grows at the pre established rate shown in policy.
Webb & Associates
530 North College Ave., Fayetteville, AR 72701
Phone: 800.366.9322 - Fax: 479.521-6918
E-mail: earl@webbandassoc.com
Web: www.webbandassociates.com
Securities
Offered Through SII Investments Inc.
Member NASD/SIPC.
SII and Webb & Associates are seperate companies.
