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Health and Benefits terms
Group health, benefits and the cost employers carry.
Level-funded planA self-funded health plan with one fixed monthly payment covering expected claims, fees and stop-loss premium, with possible refunds if claims run low.Self-funded health planA group health plan where the employer pays employees' claims itself rather than paying an insurer premiums, usually backed by stop-loss insurance.Health reimbursement arrangement (HRA)An employer-funded plan that reimburses employees tax-free for medical expenses and, in some versions, individual health insurance premiums.Health savings account (HSA)A tax-advantaged personal account for medical costs that is open only to people enrolled in a qualifying high-deductible health plan.ICHRAAn employer-funded account that reimburses employees tax-free for individual health insurance premiums they buy themselves, with no federal dollar cap.Professional employer organization (PEO)A firm that co-employs your staff and runs payroll, taxes, benefits and workers' comp under its own accounts for a per-employee fee or share of payroll.QSEHRAAn employer-funded account for businesses under 50 full-time equivalent employees that reimburses workers for premiums and medical costs up to an annual cap.Section 125 planAn employer cafeteria plan under IRC section 125 that lets employees pay for benefits such as health premiums with pre-tax pay instead of taxable cash.Stop-loss insuranceInsurance that reimburses an employer with a self-funded health plan when one person's claims, or the plan's total claims, pass a set dollar level.Business overhead expenseDisability insurance that reimburses a disabled owner's fixed business costs, such as rent, utilities and staff salaries, while they cannot work.