Beneficiary: A beneficiary, not to be confused with a dependent, is a trusted individual of your choosing who will receive the funds from your life insurance policy in the event of your death.
Copay: A copay, or copayment, is a flat fee you are expected to pay at the time of your appointment with a provider or when you are picking up a prescription. There is not always a copay involved, but when there is, it is typically between $20-$50 (refer to benefits guide for specific $ amounts). .
Coverage Level: There are 4 general coverage levels associated with insurance. Employee Only (only the employee is covered under the plan), Employee+Spouse (Only the employee and his or her spouse are covered - no children), Employee+Children (Only the employee and his or her children are covered - no spouse), and Employee+Family (the employee, his or her spouse AND children are covered). Most insurance companies will base your premium on the plan you choose AND your coverage level.
Deductible: A deductible, not to be confused with your premium, is the amount of money needed to be paid out of pocket before your coverage fully ‘kicks in’ and starts assisting you with medical bills and fees.
Dependent: A dependent is someone in your household who is eligible to be covered under your insurance plan(s).
Enrollment Deadline: Your enrollment deadline is the last day of the month in which you start work. For example, if you start work on April 12th, your enrollment deadline would be April 30th. This is intentional, and the reason for this policy is that, if you enroll on or before that deadline, your insurance will begin on the first of the following month (May1st in the above example).
HSA: A Health Savings Account (or HSA) is a personal savings account those with HDHP plans can contribute to for qualified health purposes. This account is tax free, and Interstaff will match your contribution up to your first $500. See healthcare.gov/hsa for more information.
In-Network Provider: An In-Network Provider is a practitioner, clinic, or hospital that accepts Interstaff’s insurance.
Open Enrollment: Open Enrollment is the point at the end of the year (typically mid-November to early December), during which time your insurance provider (or employer) will reach out to you to let you know if anything is changing with your current plan. This time period is your opportunity to make changes to your current enrollment for the following calendar year.
Premium: A premium is a regular set payment you make as a contribution to your insurance plan. In the case of Interstaff’s offered coverage, your premium will be paid weekly via automatic deductions from your pay statement.
Qualifying Life Event: A qualifying life event is any big life event that would add someone or remove someone from your insurance plan. Examples of qualifying life events are marriages, devorces, births, spousal employment (when a spouse qualifies for insurance with their new employer), and dependents join you from out of the country.
*If you have missed your enrollment deadline, your only opportunity to make changes to your enrollment would be a qualifying life event OR open enrollment.