Medical insurance plan -
sometimes called a health insurance plan and typically includes prescription drug coverage, although the prescription drug plan may be separate from medical coverage. There are many different types of medical plans, including Fee-for-service or Indemnity plans, Health Maintenance Organization (HMO) plans, Point-of-Service (POS) plans, Preferred Provider Organization (PPO) plans, and Consumer Directed Health Plans (CDHP). These plans provide insurance coverage to reduce your out-of-pocket cost for medical care.
Dental -
the most common types of dental insurance plans are the dental PPO and dental HMO. These plans provide insurance coverage to reduce your out-of-pocket cost for dental cleanings and other basic/major care (coverage is usually limited as these plans are not intended to pay all of your dental care expenses and do not pay for cosmetic procedures)
Vision -
ancillary plan that works similarly to dental insurance plans. Provides insurance coverage to reduce your out-of-pocket cost for routine vision exams. Also provides limited coverage for lenses, contact lenses and eyeglass frames
Health Care Flexible Spending Account -
often misunderstood and difficult to comprehend by some, a HCFSA is a tax-free account administered by your employer that allows you to pay for most out-of-pocket health care expenses (e.g., medical, dental, vision expenses) with tax-free dollars. For example, instead of paying your prescription drug copays with cash from your wallet, cash that has already been taxed, you can set aside an annual amount of funds in a tax-free HCFSA to pay these expenses. The benefit of using a HCFSA is that you can use tax free money to pay for health care expenses that you have to pay for anyway--why not pay them with tax free money and save a few bucks. You have to decide how much to place into your HCFSA prior to the start of the plan year--which means you have to estimate how much you will spend for the upcoming 12 months. If you do not spend all of the funds in the account by the end of the 12 months, you forfeit (lose) the remaining funds. The HCFSA administrator or your employer will provide you with a list of health care expenses that are eligible for reimbursement from your account, as well as other account rules
Dependent Care Flexible Spending Account -
often misunderstood and difficult to comprehend by some, a DCFSA is a tax-free account administered by your employer that allows you to pay for most out-of-pocket dependent care expenses (e.g., child and elder care expenses) with tax-free dollars. For example, instead of paying your daycare provider with cash from your wallet, cash that has already been taxed, you can set aside an annual amount of funds in a tax-free DCFSA to pay these expenses. The benefit of using a DCFSA is that you can use tax-free money to pay for dependent care expenses that you have to pay for anyway--why not pay them with tax free money and save a few bucks. You have to decide how much to place into your DCFSA prior to the start of the plan year--which means you have to estimate how much you will spend for the upcoming 12 months. If you do not spend all of the funds in the account by the end of the 12 months, you forfeit (lose) the remaining funds. The DCFSA administrator or your employer will provide you with a list of dependent care expenses that are eligible for reimbursement from your account, as well as other account rules
Employee Assistance Program -
these confidential programs are typically paid 100% by the employer and provide counseling and referral services to employees and their family members
Open Enrollment -
this is the annual period where employees/insurance program participants can make or change their benefit plan elections
Change in Insurance Costs -
if you add or remove a spouse/dependent from your health insurance (medical, dental or vision), your insurance premiums may increase/decrease<
