Glossary

A more expensive prescription drug for which there is an active patent. (A patent is a time-sensitive right to market a drug under a certain name.)

The percentage of costs you pay for eligible expenses after you meet the deductible.

A benefit level that determines how services are covered.

Grant Thornton’s contribution towards your medical coverage (as applicable). This is separate from the Healthy Lifestyles credit that eligible employees can earn each year to also offset premiums.

What you pay out of your own pocket before your insurance begins to pay a share of your costs. How the deductible works depends on your coverage level. Out-of-network charges do not count toward your in-network annual deductible. They only count toward your out-of-network deductible.

Also known as an Explanation of Benefits. An EOB shows the claim filed by your health care professional, what was paid, and what your portion of the payment was or will be. Your insurance carrier provides the EOB. It’s not a bill.

A list of generic and brand name drugs that are approved by the Food and Drug Administration (FDA) and are covered under your prescription drug plan. You should make sure your medication is on the formulary of the medical insurance carrier you choose.

Medications that have been approved by the FDA as safe and effective. These medications contain the same active ingredients in the same amounts as brand name products. Generics may be different in color, shape, or size from their brand name counterparts. Your physician may substitute a generic for a brand name drug to save you money.

A special bank account that allows you to set aside tax-free money to pay for qualified health care expenses. These include your medical, dental, and vision copays, deductibles, and coinsurance.

Health Maintenance Organization (HMO) options offer care through a network of doctors and hospitals. All of your care generally must be provided through the HMO network and coordinated through the HMO primary care physician (PCP) you select when you enroll. Except in emergencies, your care is usually covered only if it’s coordinated by your PCP. There’s no coverage for out-of-network care.

A group of health care providers that offer services to participants in a health plan at a negotiated, discounted cost. You’ll save money if you use doctors inside your carrier’s network.

The most you have to pay for covered medical services in a year. Generally, it includes any applicable deductible, copayments, and/or coinsurance. How the out-of-pocket maximum works depends on your coverage level. Out-of-network charges do not count toward your in-network annual out-of-pocket maximum. They only count toward your out-of-network out-of-pocket maximum.

The insurance carrier or third-party administrator who manages your retail and mail-order prescription drug benefit.

A Preferred Provider Organization, or PPO, is a type of medical plan that uses a network of physicians, hospitals, and other health care providers that have agreed to provide care at negotiated prices. You can also go to out-of-network providers, but you’ll pay more.

Annual physicals, wellness screenings, immunizations, well-woman exams, well-baby exams, and more. In-network preventive care is 100% covered without having to pay your deductible.

The normal charge made by a licensed practitioner in a specific area for a specific service. It doesn’t exceed the normal charge made by most providers in the area where the service is provided.

Once a covered family member meets the individual deductible, your insurance will begin paying benefits for that family member.

Once a covered family member meets the individual out-of-pocket maximum, your insurance will pay the full cost of covered charges for that family member.

The entire family deductible must be met before your insurance will pay benefits for any covered family member.

The entire family out-of-pocket maximum must be met before your insurance will pay the full cost of covered charges for any covered family member.