Brand-Name drug is a prescription drug for which the manufacturer has a patent. The name of the drug is usually the name assigned by the manufacturer.
Dependent Care Spending Account allows you to contribute pre-tax dollars from your paycheck to pay the cost of eligible, dependent care expenses, up to a limit of $5,000 per year.
Flex allowance is an allowance provided to you by Cooper to help offset the cost of Health & Well-Being benefit coverage.
Health Care Spending Account allows you to contribute pre-tax dollars to pay the cost of eligible, out-of-pocket expenses not covered by your Medical/Prescription Drug, Dental or Vision plans, up to a limit of $5,000 per year.
In-network providers participate in an established network, providing services to participants at negotiated rates that represent a discount from standard charges. When you receive services from this pre-selected group of providers, the plan provides a higher level of coinsurance.
Generic drug is a prescription drug which is a chemical equivalent copy of a Brand-Name drug. Generic drugs are formulated upon a manufacturer's Brand-Name drug patent expiration. Generic drugs are usually less expensive than branded drugs and are usually sold by their chemical formula or "generic" name. For example, Valium is a Brand-Name drug, whereas Diazepam is its chemically equivalent generic.
Out-of-network providers do not participate in an established network. When you obtain services from out-of-network providers, charges will likely be higher and plan coinsurance will be lower.
Opting out (or choosing no coverage) is possible in all of the Health & Well-Being plan options, with the exception of life insurance. There is a minimum life insurance coverage of $10,000. While you can opt out of any coverage, if you opt out of medical coverage, you must acknowledge that you have medical coverage available through another source. Any flex allowance not used to pay for benefits will be added to your paycheck as taxable income.
Pre-certification is also known as "prior-authorization" or "pre-admission review." The process of pre-certification is determining the justification of certain procedures such as inpatient or outpatient surgery, diagnostic tests or physical therapy.
Price tag refers to the price associated with each Spectrum Health & Well-Being program option.
Qualified status change is an event that allows you to make changes to your benefits outside the annual open enrollment period. Benefit changes that are made as a result of a status change must be consistent with the status change and must be made within 31 days from the date the event occurred. Status changes include marriage, divorce, death of a spouse or a dependent, the birth or adoption of a child, and a change in the employment status of you or your spouse. No changes other than qualified family status changes are permitted to be made until the next open enrollment period.