Flexible Spending Account—health Care/dependent Care Expenses
Definition of "Flexible spending account—health care/dependent care expenses"
Plan established by the employer that permits the employee to defer pretax earnings into a specifically designated account. From this account, the employee may withdraw funds to pay unreimbursed medical expenses and/or qualified child-care expenses. Generally, there is a cap set by the employer that limits the maximum amount the employee can pay into this account. In addition, there is a $5000 limit set by the federal government for the child-care expenses account. Any unused funds remaining in this account at year's end are forfeited by the employee.
Popular Insurance Terms
Individual who represents a ceding insurance company in placing its business with a re insurer. ...
Factors on the application that must be evaluated in order to complete the underwriting process: age; sex; physical condition; personal health history; family health history; financial ...
Approach to derive trend lines that can be applied to rating insured losses. Other methods require substantial preliminary operations to solve systems of equations of several unknowns. The ...
Insurance purchased from an insurance company that has been licensed in the state in which the policy is purchased. This insurance is purchased through an agent or broker who are licensed ...
Policy provision that provides coverage for continuing payroll expense of all employees of an insured business (except for officers and executives) for the first specified number of days of ...
Ruling that is the most significant source for the valuation of closely held corporation capital stock critical to the close corporation plan. This ruling defines the fair market value as ...
Type of mortality table that is based on combined statistics from both the ultimate mortality table and the aggregate mortality table. It shows total statistics for the probability of ...
Circumstance under which there is a significant deviation of the actual aggregate losses from the expected aggregate losses. For example, a hurricane is a hazard that is catastrophic in ...
Standards used to determine claims payments in cases of overlapping property/liability insurance coverage. At one time, each type of insurance had its own rules to govern claims where more ...
Have a question or comment?
We're here to help.