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
Investment risk associated with the psychology of the market in that emotions affect the price of a company's stock that, in most instances, has nothing to do with the current or potential ...
Situation where a stock insurer must invade its capital account in order to meet its obligations. Most states do not allow insurers to do this and quickly rescind their right to do business. ...
Transaction by a tax-exempt organization with a person from inside the organization (disqualified person) that provides an economic benefit to that person that is in excess of the value of ...
Private, not-for-profit-group that develops and publishes safety codes and standards relating to protection of people and property against fire. The NFPA is financed by fees for technical ...
Life insurance policy under which its face value is payable only if the insured survives to the end of the stated endowment period; no benefit is paid if the insured dies during the ...
Insurance company's total investments in financial securities. ...
Written statements on a form by a prospective insured about himself, including assets and other personal information. These statements and additional information, such as a medical report, ...
Financial analysis method established by the national association of insurance commissioners (naic) to detect problems of property and casualty insurance companies and life and health ...
Term referring to the most common charge, in health insurance, for a service. ...
Have a question or comment?
We're here to help.