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Looking for the top providers? Want to know what to do when adding employees? Our resources area will help you learn more about employee benefits terms, providers and FAQs.

Carrier - another term for insurance provider such as Blue Cross Blue Shield or UnitedHealthcare.

Defined Benefit plan - a defined benefit plan promises to pay participants a specified monthly income when they retire. The employer is responsible to raise the funds in the plan to pay future promised benefits.

Defined Contribution plan - the most flexible qualified plan available where the contributions to the plan are discretionary and can be made by employees and employer. The participant's plan benefit is whatever has accumulated in their account upon retirement.

EOB - Explanation of Benefits. Documents sent by the medical insurer which provides claim payment information and the patient's costs. These are sent following a medical event such as a doctor's appointment, blood work, etc.

FSA - Flexible Spending Accounts (FSA) allow employees to set aside a certain amount of each payroll check into an account, before paying federal, state, social security or Medicare income taxes. Please click here to read more about HSAs, HRAs and FSAs.

HDHP - High Deductible Health Plan - health insurance plans with higher deductibles and lower premiums than traditional plans. Used in combination with health savings accounts, these plans are funded with pre-tax dollars.

HMO - Health Maintenance Organization - a type of managed healthcare which utilizes a defined network of providers - doctors, hospitals and insurers - to provide medical care.

HRA - Health Reimbursement Accounts (HRA) allow an employer-funded account to repay the un-reimbursed medical expenses of employees. Employers don't have to pre-fund the entire account; they can simply reimburse employees as they have claims. Please click here to read more about HSAs, HRAs and FSAs.

HSA - Health Savings Accounts (HSAs) are employee bank accounts designed to help individuals and their families pay for future qualified medical expenses on a tax-free basis. Please click here to read more about HSAs, HRAs and FSAs.

Long Term Care insurance (LTC) - a type of insurance coverage intended for the aging and retiring population. LTC insurance can cover a wide range of medical services including nursing homes and home care.

Managed Care - a health care system designed to manage the quality and costs of delivering health care to participating members. Selected health and medical providers offer care at a discounted rate to the plans members.

PPO - Preferred Provider Organization - a type of managed healthcare made up of a group of hospitals and doctors that provide medical care to a specific company or organization.

POP - Premium Only Plan allows employees to use pre-tax dollars to pay for insurance premiums for health, dental, disability and group term life insurance programs.

POS - Point of Service - a type of managed healthcare that combines features of HMO and PPO plans.

Profit-Sharing Plan - a Profit Sharing Plan allows company contributions that are completely discretionary. An employer can contribute up to 25% of the total compensation of all eligible employees.

Provider - refers to a person or organization that offers medical care such as doctors, dentists, hospitals, etc.

Self-funding health plan - employer-sponsored plans to provide medical coverage for employees. Employers do not monthly premiums - as in fully insured plans - but pay for actual employees' medical claims.

Short Term Medical insurance - a type of health insurance for temporary use and intended for persons between jobs, seasonal/temporary employees and new graduates.

Voluntary benefits - benefits that offer additional financial and medical security to employees and are meant to supplement core coverage.

401(k) - a 401(k) Plan allows employees to make pretax contributions to their accounts. These contributions are usually made by payroll deductions. The maximum amount that an employee can contribute to a 401(k) Plan changes year to year.

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