Dental insurance, sometimes called a dental plan, is a form of health insurance designed to pay a portion of the costs associated with dental care. There are several different types of individual, family, or group dental insurance plans grouped into three primary categories: Indemnity, Preferred Provider Network (PPO), and Dental Health Managed Organizations (DHMO).
Generally dental offices have a fee schedule, or a list of prices for the dental services or procedures they offer. Dental insurance companies have similar fee schedules which is generally based on Usual and Customary dental services, an average of fees in an area. The fee schedule is commonly used as the transactional instrument between the insurance company, dental office and/or dentist, and the consumer.
The term "vision insurance" is commonly used to describe health and wellness plans designed to reduce your costs for routine preventive eye care (eye exams) and prescription eyewear (eyeglasses and contact lenses). Some vision plans also offer discounts on elective vision correction surgery, such as LASIK and PRK.
But unlike major medical insurance policies that may provide unlimited benefits after a certain co-pays and deductibles are met, most vision insurance plans are discount plans or wellness benefit plans that provide specific benefits and discounts for an annual premium.
In effect, these vision discount and wellness benefits plans offer savings much like a gift card. As such, they can be used to cover much of the cost of basic eyewear, or they can be used to make premium eyewear products and enhancements � such as progressive lenses, anti-reflective coating and photochromic lenses � significantly more affordable.
A life insurance policy is a contract with an insurance company. In exchange for premium payments, the insurance company provides a lump-sum payment, known as a death benefit, to beneficiaries upon the insured's death.
Typically, life insurance is chosen based on the needs and goals of the owner. Term life insurance generally provides protection for a set period of time, while permanent insurance, such as whole and universal life, provides lifetime coverage. It's important to note that death benefits from all types of life insurance are generally income tax-free.
Chances are, you�ve come across the phrase �supplemental life insurance� during your employer�s open enrollment, or when you first joined a new company. It sounds simple enough, in terms of what the words mean. But it�s a little more complicated than that, which is why we�re here to help you figure out exactly what supplemental life insurance is, what the difference between supplemental life insurance and basic life insurance is, and most importantly, whether you need it.
Supplemental life insurance is the coverage you can purchase through your work in addition to the group life insurance they might already offer as a benefit. A supplemental policy is usually paid for out of your paycheck. While group life insurance is part of your benefits package from your employer and therefore is usually a free benefit or has affordable premiums, that�s not always true of supplemental life insurance. Whether supplemental life insurance is a good value will depend on the product and your personal age, health and the amount of coverage you�re seeking.
Short-term disability is a type of insurance benefit that provides some compensation or income replacement for non-job-related injuries or illnesses that render you unable to work for a limited time period.
�Non-job-related� is an important phrase to note there. Injuries that happen while you�re on the clock will typically be covered by workers� compensation, rather than short-term disability.
Your employer might offer you a short-term disability plan as a benefit. However, the vast majority of the time, companies aren�t required to. In fact, there are only five states (California, Hawaii, New Jersey, New York, and Rhode Island) where it�s mandated that employers offer a short-term disability plan to their employees.
Long-term disability insurance is an insurance policy that provides income replacement for workers if they become unable to work due to an illness or injury so they can continue paying bills and meeting financial goals and obligations.
It�s an essential part of being fully insured, but many workers don�t have it.
When you buy a long-term disability insurance policy, you pay premiums (usually between 1% to 3% of your salary) in order to be covered in case you become disabled. If you become disabled and meet your policies definition of disabled (this will vary by policy), then your are eligible to receive benefits after an elimination period. Benefits are are usually about 60% of your gross income, and can last anywhere from 2 years until retirement age, depending on the terms of your policy.
An arrangement through your employer that lets you pay for many out-of-pocket medical expenses with tax-free dollars. Allowed expenses include insurance copayments and deductibles, qualified prescription drugs, insulin, and medical devices.
You decide how much to put in an FSA, up to a limit set by your employer. You aren't taxed on this money.
If money is left at the end of the year, the employer can offer one of two options (not both):
Flexible Spending Accounts are sometimes called Flexible Spending Arrangements.