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Bus 384: Chapter 12
| Question | Answer |
|---|---|
| flexible benefits | a benefits program that allows employees to select the benefits they need most from a menu of choices |
| coinsurance | payments made to cover health care expenses that are split between the employers insurance company and the insured employee |
| workers' compensation | a legally required benefit that provides medical care, income continuation, and rehabilitation expenses for people who sustain job-related injuries or sickness. Also provides income to the survivors of and employee whose death is job related |
| Health Maintenance Organization (HMO) | a health care plan that provides comprehensive medical services for employees and their families at a flat annual fee |
| Preferred Provider Organization (PPO) | Health care plan in which an ER or ins co est a network of drs and hospitals to provide a broad set of med services for a flat fee per person. In return for lower fee the drs and hospitals join the network expecting to receive larger volume of patients. |
| Health Savings Account (HSA) | a qualified health plan with a high deductible that lets individuals save money for health care expenses with pretax dollars and lets unspent money accumulate as a tax-free stash of money |
| High-Deductible Health Plan (HDHP) | A way that ER can manage the costs of EE health care plans. The high deductible requires that employees pay for the first few thousand dollars of medical cost each year which means that the plan pays only when EE have major medical problems |
| Flexible Spending Account | Individual EE accounts funded by ER or EE (pretax $). EE pay for the combination of benefits their accounts |
| Indirect compensation | (EE benefits) called indirect because they are given to EE in the form of a plan (such as healthcare) rather than cash |
| vesting | A guarantee that accrued retirement benefits will be given to retirement plan participants when they retire or leave the ER |
| Managed care | methods used to reduce health care costs and increase quality (HMO, PPO, etc.) instead of private fee for service plans |
| Which benefits are legally required? | Social Security, workers' compensation, and unemployment insurance coverage |
| Eligibility criteria for unemployment insurance | 1) actively seeking employment 2) must have work for 4 out of the 5 quarter years periods and must have earned $1000 3) must have lost their job involuntarily |
| Eligibility criteria for severance pay | paid by ER...varies by ER EX: one month's pay for every year of service (capped at 1 year) |
| Unions in the benefits arena | goal to expand benefits. Benefits very important to unions and have been able to secure pensions and health coverage for ER. Going after more presently. When unions get benefits, industry gets benefits because nonunion firms want to avoid unionization |
Created by:
mbarnum3
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