Helpful Benefit Terms
When new drugs come on the market, they are protected by a patent for a certain period preventing companies from copying the formula. After the patent ends, other companies can make and sell the drug using the same formula and active ingredients (generic drugs). Brand-name drugs are typically more expensive than their generic counterparts.
The percentage you pay for the cost of covered health care services after you’ve met your deductible. For example, if the coinsurance under your plan is 20%, you would pay 20% of the cost of the service and insurance would pay the remaining 80%.
A predetermined dollar amount you pay for visits to the doctor, prescriptions and other health care (as specified by your plan).
The amount of money you need to pay out-of-pocket before your insurance begins contributing money to your healthcare costs.
Dependents are family members who are eligible to be enrolled in the Mott MacDonald benefits plans according to the plan rules on the Enrollment & Changes page.
When a claim is filed for medical or dental services, you may receive an EOB from the insurance carrier. The EOB explains the cost of your claim, how much the plan paid, and any remaining balance for which your provider may send you a bill. You should never pay a bill from a provider without comparing it to the EOB first.
This is our prescription plan’s list of medications that are preferred based on their quality and price.
Once a brand name drug’s patent ends, other companies can produce similar drugs (generic drugs). They have the same active ingredients as their brand-name counterparts and have been approved by the Food and Drug Administration (FDA) as safe and effective, but they typically cost much less.
A type of savings account that lets you set aside money on a pre-tax basis to pay for qualified medical, dental, vision and pharmacy expenses. Funds typically can rollover year to year.
A group of doctors, hospitals, labs and other providers that your health insurance contracts with so you can make visits at pre-negotiated (and often discounted) rates.
The cap on your out-of-pocket costs for the plan year. Once you’ve reached this amount, your plan will cover 100% of your qualified medical expenses for the remainder of the plan year.
The period of time when your coverage is active (January 1 – December 31).
The amount of money that’s paid for your health insurance every month.