Flexible Spending Account—health Care/dependent Care Expenses
Definition of "Flexible spending account—health care/dependent care expenses"
Plan established by the employer that permits the employee to defer pretax earnings into a specifically designated account. From this account, the employee may withdraw funds to pay unreimbursed medical expenses and/or qualified child-care expenses. Generally, there is a cap set by the employer that limits the maximum amount the employee can pay into this account. In addition, there is a $5000 limit set by the federal government for the child-care expenses account. Any unused funds remaining in this account at year's end are forfeited by the employee.
Popular Insurance Terms
Widely accepted standard policy forms that have been developed by various rating bureaus or insurance companies. Some forms are required by state law, and some are used by custom. In some ...
Tax, under federal and state laws, on transfer of property made without payment or other value in exchange. ...
Provision established either by state statute or court order that permits the defendant to establish that at the time of the injury incurred by the plaintiff, the defendant provided goods ...
Form of insurance that insurance companies buy for their own protection, "a sharing of insurance." An insurer (the reinsured) reduces its possible maximum loss on either an individual risk ...
Endorsement attached to property insurance coverage that provides additional limits of protection on a merchant's inventories during specific time intervals. The time intervals generally ...
in property and casualty insurance, termination of a policy because of failure to pay a renewal premium. in life insurance, termination of a policy because of failure to pay a premium and ...
Same as term Contingency reserve: percentage of total surplus retained, in insurance company operations, that serves as a reserve to cover unexpected losses as well as to cover the ...
Prepaid group health insurance plan that entitles members to services of participating physicians, hospitals, and clinics. Emphasis is on preventive medicine. Members of the HMO pay a flat ...
Unexpected, unforeseen event not under the control of the insured that results in bodily injury. ...
Have a question or comment?
We're here to help.