Health Plan Flexible Spending Account (fsa)
Definition of "Health plan flexible spending account (fsa)"
Central fund into which employees contribute untaxed earnings to pay for the insurance premiums and uninsured medical costs. When the employee submits evidence of unreimbursed medical expenses, the employee is then indemnified. This indemnification fund uses untaxed dollars to pay for family health care costs that are not covered by the employer's health care plan. Examples would include elective surgery, eyeglasses, orthodontia, and the deductibles and coinsurance requirements that are part of the insured medical claims. The amount that the employee contributes to this account must be spent in total during that year. If this amount or any part thereof is not spent during that year, it is forfeited in total to the employer.
Popular Insurance Terms
Premium required by an insurance company for plans subject to premium adjustment. The initial provisional premium is paid to put a commercial property or liability insurance policy into ...
Money set aside to pay for losses. Rather than buy insurance coverage for all potential losses, some businesses and individuals choose this form of self insurance to cover all or a portion ...
Based on historical loss experience, from which future loss experience is predicted. ...
One used to determine the life expectancy of annuitants. Annuity buyers are not representative of the population as a whole, or of life insurance buyers. Because annuities pay an income for ...
Coverage for a group of individuals under one policy. Usually, members belong to a particular company, union, or trade association. In a contributory plan a lump sum premium is paid by the ...
Circumstance in which there is a probability loss to personal property or real property resulting from property damage, destruction, or disappearance. ...
Proportion of losses incurred to premiums earned. This ratio indicates the amount of a premium dollar that is being consumed by losses. ...
Arbitrator who settles disputes over the amount of loss when an insurer and an insured do not agree. ...
Estate under the legal and administrative guidance of both the surety and the fiduciary. Any actions on the part of the estate requires the signatures of both in order to reduce the chances ...
Have a question or comment?
We're here to help.