Employer-Sponsored Health Insurance refers to health coverage provided by an employer to its employees as part of their benefits package. Employers typically negotiate group rates with insurers, making it more affordable for employees to obtain coverage compared to individual plans.
The amount paid by the employee or both the employee and the employer to the insurance company to maintain coverage. Premiums can be deducted from the employee’s paycheck.
The amount the insured individual must pay out-of-pocket before the insurance company begins to cover medical expenses. Deductibles can vary depending on the plan.
The maximum amount an individual is required to pay for covered services during a policy period, after which the insurance company covers 100% of the remaining costs. This can include deductibles, co-pays, and coinsurance.
A group of doctors, hospitals, and other healthcare providers contracted with an insurance company to provide services at negotiated rates. Staying within the network typically results in lower out-of-pocket costs for the insured individual.
Medical services aimed at preventing or detecting health problems before they become serious. Many employer-sponsored health plans cover preventive services at no cost to the insured individual.
A tax-advantaged account that allows employees to contribute a portion of their salary to pay for qualified medical expenses not covered by their health insurance plan, such as co-pays, deductibles, and prescription drugs.
A tax-advantaged savings account available to individuals enrolled in high-deductible health plans (HDHPs). Contributions to an HSA are tax-deductible, and funds can be used to pay for qualified medical expenses, including deductibles, co-pays, and prescriptions.
A specified period during which employees can enroll in or make changes to their employer-sponsored health insurance coverage without needing a qualifying event. Open enrollment typically occurs once a year.