Acronyms. Acronyms. Acronyms.
At United Agencies we understand that there is a sea of acronyms out there, and making an intelligent decision about your Healthcare is often quite difficult.
Not only will we meet with your HR Staff and help you choose the Plan Design that best fits your Company, but we will help them tailor-fit the plan to your needs. Being creative about cost sharing and communicating your decisions directly to your staff are our greatest strengths.
PPO – Preferred Provider Organizations – Traditional Indemnity Health Insurance Plans that provide a huge financial incentive for the Employee to stay inside the Preferred list of Doctors when receiving coverage.
HMO – Health Maintenance Organizations – The “Gatekeeper” Model designed so that the Primary Care Physician directs all of the coverage. Clearly, the best way for the Employee and the Employer to control their costs.
HSA – Health Savings Accounts – Government sanctioned tax-savings accounts to help encourage individuals to assume greater responsibility for their Healthcare Expenses with “After-Tax” Dollars.
SIP – Self-Insured Plans – For larger Employers with excellent Claims Experience. Design your own plan, and receive the savings you generate from the above-average health of your Employees.
DMO – Dental Maintenance Organization – The Dental version of an HMO. Significant savings on Dental work, but only if you go to the Dentist that you have selected off the list of Providers.
DPO – Dental Provider Organization – The Dental version of a PPO. Freedom to choose whatever Dentist you wish, with significant financial incentives to choose one from the list of Preferred Providers.
401k – The Section of the IRS Tax Code that allows Employers to offer Employees a Retirement Plan whereby the Employee can elect to withhold a set amount from their Paycheck before taxes.
LTD – Long Term Disability – Provides Loss of Income and Rehabilitation Expenses after a waiting period in the event of an injury that causes time away from work.
STD – Short Term Disability – Normally covered in the State of California by State Disability Income, Employees in other states may need this coverage.
EAP – Employee Assistance Program – Goes beyond medical help, an EAP helps Employees with problems outside the workplace.
FSA – Flexible Spending Plan – Pre-Tax money that an Employee can set aside for reimbursement of eligible Medical Expenses.
125 – The Section of the IRS Code that allows Employees to deduct the premium required to pay their portion of their Employee Benefits expenses Pre-Tax.
Life – Um… You know… Life Insurance…