Glossary of Terms
Fully-Insured Small Group
A traditional form of health insurance in which the employer pays established premiums to the selected insurance company in return for employee coverage. Employers in this space typically have 2-50 full-time, eligible employees. Plans must meet the requirements of the Affordable Care Act.
Fully-Insured Major Group
A traditional form of health insurance in which the employer pays established premiums to the selected insurance company In return for employee coverage. Employers. In this space typically have 51+ full-time, eligible employees. Plans must meet the requirements of the Affordable Care Act.
Level Funded Plans
Benefit funding option that combines features of both a full-insured and self-funded plans. These plans are not considered to be health insurance. The employer and the selected carrier share the risk of all health conditions.
Self Funded Plans
Benefit funding option in which the employer is, “self-funding,” the risk associated with all health conditions of enrolled members. These plans are not considered to be health insurance.
ICHRA
Individual Coverage Health Reimbursement Arrangement. A type of health insurance plan that allows employers to contribute to an employee’s individual health coverage. Plans must meet the requirements of the Affordable Care Act.
Chamber Products
Health Insurance plans that may be offered to employers who are members of local and/or statewide Chambers of Commerce.
Ancillary Benefits
Often referred to as secondary or supplemental insurance. Includes such benefits as dental, vision, basic and voluntary life, disability, critical illness, and accident. Often, these products are bundled and added to the major medical insurance to create a well-rounded and fully comprehensive benefit package. These benefits are “owned” by the employer.
Worksite Products
Can include a similar suite of products like ancillary benefits; however, these benefits are portable.
MEC Products
Minimum Essential Coverage. A “skinny” medical plan that offers minimum level coverage to include services such as preventive and wellness.
