Human Resources Chapter 12

High Deductible health plan (HDHPs)

(also called catastrophic health plan) a type of managed care health insurance plan that costs the employers and employee less per month because they required the employees to pay the first few thousand dollars of medical costs only when the employees has a major medical problem

Account Based Health Plan (ABHP)

A consumer driven plan that pairs a group health plan with a tax advantage medical spending account

Pension Benefit Guaranty Corporation (PBGC)

A not for profit organization created by the federal government that insurance defined benefits

Defined Contribution Plan

A pension plan in which the employers specifies where the money will be deposited and often gives the employee the power to decided how the money will be investigated with the retirement income being a function of how well money put into the plan was investigated

Contribution retirement plan

A person plan in which the employer and employee both put money in the retirement account

Noncontributory retirement plan

A person plan in which the employer put funds into an employees account without requiring the employee to make contribution

401K plans

A retirement plan that allows employees to defer receiving some of their compensation until retirement with contribution to the plan taken out of the employees paycheck pretax and the funds accumulating tax free until retirement begins

Social Security Act

A social Insurance act put into effect on 1937 and funded by employers and employee contributions to provide old age, survivors disability, and death benefits

Workers compensation

A social insurance programs that provides cash benefits and medical care to workers when they suffer injuries or illness related to their employment

Health Saving Account (HSAs)

A special account established through employers, banks, credit union, insurance companies, and other approved financial institution into which an employee sets aside money pre-tax to help pay for his or her health care options

Preferred Provider organization (PPOs)

A type of manage care programs in which the employer negotiates with health care providers, usually in a network, for discounts and service for healthcare coverage employees

Health maintenance organization (HMOs)

A type of managed care health insurance program that required employees to designate a primary care physician and have any visits to a specialist referred by the primary care physician

Health Reimbursement Account (HRA)

Account into which employers put money to reimburse employees for qualified medical expenses

Pension protection ACT (PPA)

Act passes in 2006 and designed to strengthen the united state pension system by tightening rules relatives to employers responsibility for funding pension account and for administering and terminating pension funds

Health Insurance Portability and accountability act (HIPAA)

Act that makes it easier for workers to maintain their health care coverage when they change employers because it specifies that coverage under a previous employers health plan counts for meeting a preexisting condition required under a new plan

Consolidated Omnibus Reconciliation Act (COBRA)

Act that provides for employees and their families to have the option to continue their group health, dental , and vision insurance coverage for up to 18 months when they are terminated for a qualifying reason as long as they pay the full cost of the premium

Wellness Programs

Employers provided program designed to keep employees healthy; can included programs such as smoking cessation, weight loss management programs, and memberships in fitness center

Employees Retirement Income and Security Act of 1974 (ERISA)

Federal law that protects benefits for retirement in the private sector

Long Term care Insurance (LTCI)

Insurance plan that provides assistance to aging, disabled, and ill persons who need daily help with tasks such as dressing, eating, or bathing for an extended time period

Older workers retirement protection

Prohibits discrimination against older worker in all employee benefits except when age based reductions in employee benefits plan are justified by significant cost consideration

Employees assistance programs (EAPs)

Resources for employees dealing with personal problems, including services such as attorney consultation, child care and elder care options, budget information, addiction recovery, and family consoling

Vesting

The time required before you own part or all of your retirement funds

Occupational Safety and Health Act of 1971 (OSH Act)

This requires employers to provide a safe workplace for all employees, and provides a process for investigation of complaints of unfair practice and a process for workplace inspection

employees self service (ESS) application

Web Based programs accessed via a company intranet where employees can review their benefits information and make changes during open enrollment period

point of service plan (POS)

a hybrid of an HMO and a PPO where individuals can also receive treatment outside the network but must pay a higher deductible

defined benefits pension plan

a pension plan that provides an annuity to eligible employees upon their retirement with the amount paid per year based in a formula that usually including a company determined percentage, the number of years worked, and either that last salary or some average of previous year salaries

Cash balance plan

a type of retirement account in which the employers credits the participants, retirement account with a pay credit and an interest credit and the molders bears the risk; the employees, when fully vested, is entitled to receive the stated account balance upon leaving the company or at retirement

consumer driven health plan (CDHPs)

an alternative type of health care plan that puts more of the decision making under the control of employees by letting them choose whether they prefer a plan with a higher deductible or other more expensive alternatives, how much to put into a saving plan for health care purposes, and which health care provider to use

Voluntary Benefits

benefits that an employer choose to offer its employees without being required to do so

Accidental death and dismemberment insurance (AD&D)

insurance designed to compensate employees for the loss of a body part or ti compensate the employees family if an employee suffers the loss of a limb or dies accidentally at work

Short term disability plan

insurance plan that pays a specified portion of an employees salary when the employees salary when the employee is out of work for a limited time due a disability

Long term disability (LTD)

insurance plan that typically starts after a specified period of time (6 to 12 weeks, for example) from the time of disability and pays a portion of the employees salary until retirement age

Employers shared responsibility provisions

requirement under the affordable care act for employers with the equivalent of 50 full time employees to offer affordable health coverage to their full-time employees and their dependents, or be subject to an employers shared responsibility payment under certain condition

Copay

the minimum amount employees must pay for health care as determined by their health insurance plan

Ergonomics

the science of understanding the capabilities of human in terms of their work requirement

Flexible benefit plan or Also known as cafeteria plans;

types of benefits plan that allows employees to choose which benefits they want to purchases from a menu of benefits