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HEALTH INSURANCE GLOSSARY-

Employer Small Group Application

This application needs to be used by an employee or trustee in an organization if he belongs to the group established by the employer. The employer in any association can form a small group so that insurance benefits can be obtained for lower costs.

Employee Benefit Program

These programs exist with an aim of protecting employees against financial losses, injury,death and retirement. Thus in a nut shell, the employee benefit program deals with the financial insecurities of the employee.

Experience Modification

Experience modification is nothing but a constituent of the employees compensation insurance premiums, and it is under our control. This can be defined as the ratio of your actual losses and expected losses. It is always better to maintain the actual loss rate less than the expected loss rate. This can be achieved through safe working conditions and practices.

Eligibility Date

As the name implies eligibility date is the date at which an individual, family or group obtain the benefits of insurance policies, this is also called as the effective date.

Elimination Period

The insurer may claim for some benefits if he is injured or is afflicted by illness and the insurance company would provide him the benefits. The time gap between the processes is called as the elimination period, it starts when the insurer makes the claim and ends when the insurance company provides the benefits.

Employee Retirement Income Security Act (ERISA)

This is said to be a federal law, which helps by giving you information about the facets of the pension plan. If your employer provides pension plan, then the ERISA comes into action.

 

 

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