Page 24 - University of the South-2022-Benefit Guide REVISED 3.30.22 FSA WAIT PERIOD
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GLOSSARY
Understand the medical terms that are used in your plan.
Brand Name Drugs: Drugs that have trade names and Out-of-Network: Use of a health care provider that does
are protected by patents. Brand name drugs are generally not participate in a plan’s network.
the most costly choice.
Mail Order Pharmacy: Mail order pharmacies generally
Coinsurance: The percentage of a covered charge paid provide a 90-day supply of a prescription medication for
by the plan. the same cost as a 60-day supply at a retail pharmacy.
Plus, mail order pharmacies offer the convenience of
Consumer Driven Health Plan (CDHP): A medical plan shipping directly to your door.
used in conjunction with a Health Reimbursement Account
(HRA) or a Health Savings Account (HSA). Inpatient: Services provided to an individual during an
overnight hospital stay.
Copayment (Copay): A flat dollar amount you pay for
medical or prescription drug services regardless of the Outpatient: Services provided to an individual at a
actual amount charged by your doctor or health care hospital facility without an overnight hospital stay.
provider.
Out-of-Pocket Maximum: The maximum amount you
Deductible: The annual amount you and your family must and your family must pay for eligible expenses each plan
pay each year before the plan pays benefits. year. Once your expenses reach the out-of-pocket
maximum, the plan pays benefits at 100% of eligible
Flexible Spending Account (FSA): An FSA allows expenses for the remainder of the year, except for
you to pay for eligible health care and dependent care prescriptions under all medical plans except the
expenses using tax-free dollars. The money in the account HSA Plan.
is subject to the “use it or lose it” rule which
means you must spend the money in the account before Primary Care Physician (PCP): Physician (generally a
the end of the plan year. family practitioner, internist or pediatrician) who provides
ongoing medical care. A primary care physician treats a
Generic Drugs: Generic drugs are less expensive wide variety of health-related conditions and refers
versions of brand name drugs that have the same intended patients to specialists as necessary.
use, dosage, effects, risks, safety and strength. The
strength and purity of generic medications are strictly Specialist: A physician who has specialized training
regulated by the Federal Food and Drug Administration. in a particular branch of medicine (e.g., a surgeon,
gastroenterologist or neurologist).
In-Network: Use of a health care provider that participates
in the plan’s network. When you use providers in the
network, you lower your out-of-pocket expenses because
the plan pays a higher percentage
of covered expenses.
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