Page 26 - 1800Flowers 2022 Benefits Guide

Glossary of Important Benefits Terms

Here are some of the important benefits terms and types of insurance coverages referenced in this guide:

Accident Insurance Health Savings Account (HSA)
Coverage paid to you if you are accidentally injured. A tax advantaged financial account set up through your
employer that allows you to set aside a portion from your
Benefit paycheck to be used for qualifying health care expenses
The amount of money (or other types of compensation, such as such as prescriptions, deductibles, copays, dental and vision
wellness credits) you receive from an insurance carrier. care. HSAs are only offered in conjunction with qualified high
deductible medical plans. Money deducted from pay into an
Benefits Portfolio
A comprehensive package of various types of insurance HSA is not subject to taxes.
and benefits products that work together to create the best Hospital Indemnity Insurance
protection based on your individual needs. Coverage that pays out a set amount for a designated period
of time (day, week, month or visit) spent in the hospital due to
Coinsurance sickness or injury.
The amount you pay for services after you meet your
deductible. For example, your coinsurance might be 20% Life Insurance
of the total charge, while your insurance company pays A specific amount of money paid to designated beneficiaries in
the other 80%. the event of the insured person’s death.
Copay Online Benefits Marketplace
A flat fee you pay for health care services; your insurer pays A virtual store, also referred to as a “benefits exchange,” which
the balance. enables and facilitates the purchase of health care and other
benefits online.
Critical Illness Insurance
Insurance coverage that pays you cash if you are diagnosed Open Enrollment
with an illness covered by your plan such as cancer, heart A period of time (usually a few days to a few weeks) in which
attack or stroke. companies allow associates to choose their insurance coverage
for the coming year.
Deductible
The amount you’ll pay toward medical expenses before your Out-of-Pocket Maximum
insurer begins to pay for them. The highest amount you’ll pay toward medical expenses in
a year including deductibles, copays, and coinsurance, but
Dependent not monthly premiums. If the out-of-pocket maximum is met,
A qualifying child or relative, including a spouse, who relies on any further qualified expenses will be 100% covered by the
you for financial support.
insurance company for the remainder of the year.
Disability Insurance
Cash paid to you by your insurance company in the event that Premium
an illness or accidental injury causes you to be out of work for a The specified amount of money you’ll pay (usually deducted
certain amount of time. from your salary each pay period) in exchange for insurance
coverage.
Flexible Spending Account (FSA)
A tax advantaged financial account set up through your Specialty Benefits
Benefits (sometimes called “voluntary,” “supplemental,” or
employer that allows you to set aside a portion from your “ancillary”) that can be included in a benefits portfolio to
paycheck to pay for qualified expenses, such as dependent or achieve the best protection based on an employee’s needs.
child care, transit or parking. Money deducted from pay into an These may include Critical Illness, Accident or Hospital
FSA is not subject to taxes.
Indemnity insurance, among others.

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