BUSI 642 Chapter 12: Chapter 12
2 Mar 2018
School
Department
Course
Professor
Document Summary
Employee benefits: also called indirect compensation, group membership rewards that provide security for employees and their family members. Contributions for a specific benefit may come from the employer, employee, or both. Coinsurance: payments made to cover health care expenses that are split between the employer"s insurance company and the insured employee. Copayment: a small payment made by the employee for each office visit to a physician under a health plan, health plan pays for additional medical expenses that exceed the copayment at no cost to the employee. Deductible: an annual out-of-pocket expenditure that an insurance policyholder must make before the insurance plan makes any reimbursements. Flexible (cafeteria) benefits program: a benefits program that allows employees to select the benefits they need most from a menu of choices. Categories of benefits (6: legally required benefits, health insurance, retirement, paid time off, employee services.
