Page 26 - PetVet 2022 Master Benefits Guide_FINAL Version

Benefits Terms Glossary

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

Benefits Portfolio Life Insurance
A comprehensive package of various types of insurance A specific amount of money paid to designated
and benefits products that work together to create the beneficiaries in the event of the insured person’s death.
best protection based on your individual needs.
Online Benefits Marketplace
Coinsurance A virtual store, also referred to as a “benefits
The amount you pay for services after you meet your exchange”, which enables and facilitates the purchase
deductible. For example, your coinsurance might be of health care and other benefits online.
20% of the total charge, while your insurance company
Annual or Open Enrollment
pays the other 80%. A period of time (usually a few days to a few weeks)
Copay in which companies allow employees to choose their
A flat fee you pay for health care services; your insurer insurance coverage for the coming year.
pays the balance. You may have one copay for a
Out-of-Pocket Maximum
Primary Care visit and a different copay for a Specialist The highest amount you’ll pay toward medical
visit. expenses in a year including deductibles, copays, and

Deductible coinsurance, but not monthly premiums. If the out-of-
The amount you’ll pay toward medical expenses before pocket-maximum is met, any further qualified expenses
your insurer begins to pay for them. will be 100% covered by the insurance company for the
remainder of the year.
Dependent
A qualifying child or relative, including a spouse or Passive Enrollment
domestic partner, who relies on you for financial An Open Enrollment where elections are not
support. required in order to maintain coverage for most
coverage lines (FSA and HSA elections require
Disability Insurance
Cash paid to you by your insurance company in the an annual election).
event that a non-work-related illness or accidental injury Premium
causes you to be out of work for a certain amount of The specified amount of money you’ll pay monthly
time. (usually deducted from your salary each pay period) in
Flexible Spending Account (FSA) exchange for insurance coverage.
A tax-advantaged financial account set up through Specialty Benefits
your employer that allows you to set aside a portion Benefits (sometimes called “voluntary,” “supplemental,”
from your paycheck to pay for qualified expenses, such or “ancillary”) that can be included in a benefits portfolio
as dependent or child care. Money deducted from pay to achieve the best protection based on an employee’s
into an FSA is not subject to taxes. needs. These may include Critical Illness, Accident or
Health Savings Account (HSA) Hospital Indemnity insurance, among others.
A tax-advantaged financial account set up through your
employer that allows you to set aside a portion from
your paycheck to be used for qualifying medical
expenses such as prescriptions, deductibles, and
copays. HSAs are only offered in conjunction with
qualified high- deductible medical plans. Money
deducted from pay into an HSA is not subject to taxes.

26