Employee Benefits

The amount the employer pays toward the cost of an employee benefit or insurance plan.

Learn about Group Permanent Insurance, a plan that offers both retirement benefits and life insurance for groups. Understand its features, including equal premium usage.

Learn about Multiple Employer Welfare Arrangements (MEWAs), funds and trusts financed by employers to provide medical benefits. Understand their structure and benefits.

A professional education institution for insurance and risk professionals.

Disability insurance pays income replacement benefits when illness or injury prevents you from working, subject to the policy's definition of disability.

An income benefit paid from a pension or retirement arrangement when a participant becomes disabled before normal retirement.

The time window during which eligible people may enroll in, change, or sometimes cancel coverage under a plan.

Learn about Health Maintenance Organization (HMO) health insurance plans, how they work, and the obligations for employers with more than 25 employees.

Learn about the minimum compensation level, the essential pay threshold that employees must attain to participate in pension or profit-sharing plans.

In insurance, disability means a physical or mental condition that satisfies the policy's definition of impaired ability to work or perform specified activities.

A health-insurance table that shows the plan's listed allowance or benefit for specific surgical procedures.

A retirement plan design where employer contributions are based in part on employee age and time horizon.

Elective benefits are optional accident or health benefits that pay a stated amount for listed injuries or events, often as a lump sum instead of open-ended reimbursement.

Learn about prepaid legal service plans within pension benefits, which provide employees with access to legal services. Understand how these plans work and their benefits.

The process a health plan uses to check whether prescription use is safe, appropriate, and consistent with benefit rules.

An individual who meets the policy's definition of who may be insured under a particular plan.

The document given to an employee summarizing coverage under a group insurance policy.

The employer, association, or other group through which people are enrolled in a group insurance plan.

Discover how franchise insurance, also known as wholesale insurance, provides group health insurance coverage for small groups, offering individual contracts and underwriting.

A dependent care plan defines how an insurance plan helps pay for care or support services related to dependents.

Learn about Flexible Spending Accounts (FSAs) in health insurance, pre-tax deductions, and coverage for child care or medical expenses. Understand the benefits and limitations, including the forfeiture rule at year's end.

Explore the Voluntary Employee Beneficiary Association (VEBA) and how it is used to pre-fund health care for employees. Learn about the benefits and structure of VEBAs in health insurance.

The payment or service an insurer is contractually required to provide when coverage terms are met.

The process a health insurer or administrator uses to find out whether a person has other coverage that could affect claim payment.

The waiting time that must pass before benefits begin under a disability, health, or similar insurance policy.

An in-depth look at informal plans in the pension domain, covering retirement plans with unspecified benefit amounts and no obligatory funding sources.

Learn about switch maternity provisions in health insurance where female employees are covered only if their husbands are listed as dependents. Understand key aspects of this policy.

A 24-hour care model coordinates health and workers' compensation benefits so employees are covered for illness and injury without coverage-fragmentation delays.

A life-insurance provision that continues or preserves a death benefit for a limited period after premium payments stop under stated conditions, often involving disability.

A pension funding method that assigns each year of service a separate benefit unit through annual premium flows.

The rule used to calculate benefit amounts from base earnings, service history, plan design, and policy conditions.

The time window during which the policy pays specified benefits under its terms.

A cafeteria benefit plan gives employees options among approved benefit choices while keeping tax treatment and plan limits compliant.

Cashing out vested benefits is the transfer of accrued benefit value to a participant, often in insurance-linked employee benefit plans.

A blended insurance rate applied to an entire covered class or group instead of pricing each person or exposure separately.

Comprehensive health insurance provides broad medical coverage, usually including hospital, physician, emergency, and other major health expenses subject to plan terms.

Dependent life insurance provides life protection for or through dependents, usually as part of group life coverage.

Disability benefits law refers to state statutes that require or regulate temporary disability benefits for certain non-work-related illnesses or injuries.

In accident and health insurance, dismemberment means the loss of a limb, sight, hearing, or another specified body function as defined by the policy.

A health insurance regulatory concept requiring certain employers to make a qualified HMO option available alongside another health plan offering.

Duplication of benefits occurs when two or more health plans provide overlapping payment for the same expense beyond what coordination rules are meant to allow.

A spouse, child, or other dependent who meets the plan's rules for coverage under an insured employee or member.

A worker who satisfies a group plan's rules for being offered coverage.

A person enrolled in a health plan and recognized by the plan for coverage administration.

The process of getting an eligible person into an insurance plan so coverage can begin under the plan's rules.

An exclusive provider organization is a managed-care health plan that generally pays only for care from network providers, except for emergencies.

A health insurance provision that continues certain covered benefits after coverage would otherwise end, usually for members already hospitalized or disabled.

Health coverage issued to an employer or other eligible group sponsor for the benefit of covered members under a group contract.

Hospital indemnity insurance pays a fixed cash benefit for a covered hospital stay, regardless of the hospital's actual charges.

Learn about Key Employee Insurance and its significance in health and life insurance, ensuring continuity and financial protection for businesses against the loss of key personnel.

Mandated benefits are coverages that an insurance policy or health plan must include because a law or regulator requires them.

Explore the benefits and details of a noncontributory retirement plan, where the employer pays the full premium amount, ensuring a secure retirement for employees.

Learn about the pension trust fund, a reserve of money contributed by both employers and employees, used to pay for pension benefits after retirement.

Learn about Retrospective Rate Derivation in Health Insurance, where employers pay a fraction of health care costs and may receive refunds based on actual expenses.

Short-term disability (STD) insurance replaces part of your income for a limited period when illness or injury prevents you from working.

Understand the concept of single carrier replacement in health insurance, where one insurance carrier replaces multiple carriers to simplify your coverage.

Learn about Split Dollar Plan in life insurance, a unique contract where both employer and employee share premium costs and benefits.

Temporary disability benefits provide financial support for employees who qualify due to non-occupational disabilities. Learn about your rights and coverage according to health insurance regulations.

Understand Triple Option health insurance plans offered by employers, providing employees with various provider types that vary in costs and coverage.

Learn about Medical Savings Accounts (MSAs) in health insurance, which are funded by employer contributions. Discover how employees can use these accounts for medical expenses and potential cash withdrawals.

Learn about unallocated funds in pensions, where plan funds are pooled together for the benefit of all participants. Explore its significance and how it impacts pension plans.

A statutory wage-replacement benefit for non-work-related disability, sometimes administered through an unemployment insurance system.

Explore Voluntary Compensation Insurance, a type of coverage providing benefits where traditional workers compensation may not apply. Learn how it fills coverage gaps.

Ancillary benefits are secondary benefits in a policy, such as imaging, supplies, or therapy support.

Supplemental health coverage designed to help pay deductibles, coinsurance, and other costs not fully paid by Medicare.

Learn about the contribution formula in pension plans, which specifies the amount an employer will pay into profit sharing or money purchase plans. Understand its significance in retirement planning.

The amount payable under an insurance policy when the insured meets the contract's definition of disability.

Disability income insurance replaces part of an insured person's earnings when sickness or injury prevents them from working.

Disability insured means a person has enough covered work history or insured status to qualify for disability benefits under a social-insurance program.

The health plan's list of covered prescription drugs and the rules that control how those drugs are paid for.

The process a health insurer or plan uses to evaluate prescription pricing and set what it will reimburse under the pharmacy benefit.

The time window a plan uses to determine when a person may enroll in or qualify for coverage under group insurance.

An employer-sponsored package of insurance and related benefits such as health, life, disability, or other group coverage.

An employer-sponsored plan that provides benefits such as medical, life, disability, or similar protection to employees or their dependents.

An employer-sponsored plan that provides retirement, health, life, disability, or other structured employee benefits.

A life insurance arrangement in which the employer owns the policy and endorses part of the policy benefits to an employee or the employee's beneficiary.

Learn about group health insurance, a policy where many individuals, often employees of a single business, are covered under one contract. Explore the benefits and key features of group health insurance plans.

Learn about medical expense reimbursement plans and how they provide reimbursement for specified health care-related expenses for employees.

Explore the concept of Normal Retirement in pensions, which refers to retirement taken at the time deemed standard by the pension plan. Learn its significance and implications.

Learn about what it means to be a party in interest in the context of pensions, including the roles of medical professionals and employees responsible for establishing pension plans.

Life insurance whose premiums are collected through payroll deduction, often as an employer-sponsored or group arrangement.

Learn about sponsor plans in pensions, where employers or employee groups set up or maintain benefit plans for employee retirement and other advantages.

The wage rate used in many disability and workers compensation calculations to set benefit levels and duration.

In insurance, contributory usually describes a group plan where covered employees pay part of the premium.

A health insurance form that pays benefits when the insured is diagnosed with one of the serious illnesses specifically named in the policy.

The date a person first qualifies to enroll in or receive coverage under an insurance plan.

Eligibility requirements are the conditions a person must satisfy before becoming eligible for coverage under an insurance plan.

The amount an employee pays toward the cost of an insurance or benefit plan.

ERISA is the federal law that sets core standards for most private-sector employee benefit plans, including many health, life, and disability arrangements.

The document given to an insured member under a group policy that explains the member's benefits and coverage terms.

Learn about the master contract in pensions, which is the agreement provided to employers for their employees under a group contract. Explore its significance and implications.

Learn about multiemployer plans, where more than one employer contributes to a pension. Discover how these plans are affected by collective bargaining agreements.

Learn about noncontributory health and life insurance where the employer covers the full premium, relieving employees from any contribution. Ideal for understanding employer-sponsored insurance benefits.

Learn about the Normal Retirement Benefit in pensions, which represents the greater of an employee's early retirement benefit or the benefit at normal retirement, excluding medical or disability benefits.

Learn about payroll deduction insurance, where employees authorize their employers to deduct life insurance premiums from their paychecks. Understand how this convenient method works to secure continuous coverage.

Explore the intricacies of pension plans. Learn how they provide monthly income for retirees and their spouses, along with death and disability benefits, ensuring financial security under the Employee Retirement Income Security Act.

Discover the essentials of a Self Administered Trustee Plan, a retirement plan managed by a trustee who handles contributions, investments, and benefit payments.

Government-mandated coverage that pays statutory benefits for risks like disability, unemployment, healthcare costs, or old age.

Learn about group contracts in health and life insurance, including benefits, coverage details, and eligibility for employees under a single employer.

Learn how multiple option plans in health insurance provide employees with choices among HMOs, PPOs, and major health plans. Ideal for making informed decisions about your healthcare coverage.