Insurance Initialisms
The time of year when your benefit plans renew in abbreviated form.
What is OE (Open Enrollment)?
There are two of these medical plans offered at NREM. One has a $3,000/$6,000 deductible and the other has a $5,000/$10,000 deductible.
What is HDHP (high deductible health plan)?
The IRS limits the amount of annual contributions to this type of account that helps you save for covered medical expenses on a tax-free basis.
What is a Health Savings Account?
The blood test to help you know your numbers and understand your health.
What is biometric screening?
This insurance will reimburse policy holders when Clifford the Big Red Dog gets sick.
What is the pet insurance?
Without one of these major life changes, you cannot make any changes to your elections outside of Open Enrollment.
What is a QE (Qualifying Event)?
This is a traditional copay plan that offers copays for the most common medical services without meeting your deductible first. It is often more expensive than other options.
What is a PPO (Preferred Provider Organization)?
This is the only type of medical plan that you can be enrolled in if you want to participate in an HSA (Health Savings Account).
What is a High Deductible Health Plan?
If you complete your Health Risk Assessment & Biometric Screening by this date, you will receive $15 discount on medical premiums for 2020.
What is November 30th, 2019?
This type of insurance provides a benefit based on medical services received when Junior gets hurt playing football.
What is accident?
Who is your medical insurance provider for 2020?
What is UMR?
This is the type of insurance you want if your children under the age of 19 need braces.
What is Dental Insurance?
This is the maximum amount you can contribute to your HSA in 2020 if you are enrolled with employee only coverage on the HDHP.
What is $3,550?
These services are covered at 100% by the medical insurance.
What is the preventive care?
This type of insurance provides an annual wellness benefit for members enrolled in the plan, just for getting an annual wellness visit or screening.
What is accident and/or critical illness?
This is a tax-advantaged plan that allows you to deposit pre-tax dollars into a bank account to use for qualified medical, dental and vision expenses.
What is an HSA (Health Savings Account)?
If you are having trouble reading the signs on the highway you may need to use this type of insurance to have an eye exam.
What is Vision insurance?
This feature of an HSA means that you can take your HSA account with you if you leave NREM.
What is portability?
An additional $35 discount is provided by testing negative for this in your biometric screening. Opportunities to retest and earn this discount are available.
What is nicotine?
This type of insurance provides a lump sum benefit if a member has a stroke.
What is critical illness?
This is the only type of medical plan that can be paired with an HSA or Health Savings Account.
What is an HDHP (High Deductible Health Plan)?
If your child plays sports and gets hurt, this might be a good plan to enroll in. This is a new offering for 2020.
What is Accident insurance?
At this age, you can use the funds in your Health Savings Account for any purpose without a 20% penalty. You will have to pay income taxes if you spend it on non-medical expenses, though.
What is 65?
This is the vendor administering the wellness program for 2020.
What is HealthWorks?
This benefit for employees enrolled in medical gives members access to video conference with a board certified doctor, anytime of the day.
What is Teladoc?