Beneficiary

A person, will or trust that you designate to receive your Indeed financial benefits in the form of life insurance and retirement should you pass away. Beneficiaries should be designated as soon as you enroll in benefits and can be updated at any time.  

Co-insurance

Co-insurance is the percentage you’ll pay for a specific medical service after you’ve paid your deductible. For example, if you’re an individual who’s chosen the Low Deductible Option and you’ve paid your $250 deductible, you are still responsible for paying 10% of the costs for hospital in/outpatient care. The High Deductible Option does not have co-insurance.

Copay

Your copay is a small, fixed amount that you pay each time a covered service is provided to you. Think of the copay like paying your share of medical services. The insurance company pays the rest for you. Note that this only applies to certain services as outlined in your policy, such as doctor visits, vision exams or emergency room visits.

Deductible

A deductible is the amount you must pay out of pocket (that is, with your own money) before the insurance company steps in to cover costs. (See co-insurance above).  

Evidence of Insurability (EOI)

EOI is the application process in which you provide information on the condition of your health (or your dependent’s health) to Indeed’s life insurance carrier in order to be approved for higher amounts of supplemental life and AD&D insurance.

Explanation Of Benefits (EOB)

The EOB is a statement sent by Indeed’s health carrier showing what medical and dental expenses were covered, how much insurance paid the doctor and what you (the patient) may owe. This is NOT a bill.

Out-of-pocket maximum

Here at Indeed, we call this your “payment limit”.  This is the most you will ever pay out of pocket in a calendar year for eligible medical and pharmacy expenses.  

Pre-tax contribution

Money you pay towards the cost of coverage can come out of your salary before you pay any taxes on it. By choosing this option, you’ll reduce your taxable income and in turn reduce the taxes you owe.

Premium

Your premium is the amount you must pay for your insurance plan. These are typically deducted from your paycheck, which you will receive twice a month.

Rx

Rx is shorthand for “medical prescription.”

How does a deductible work with Indeed's plan options?

If you enroll in the Low Deductible Option, there are two ways to meet your annual deductible.

  1. If an individual meets his or her individual deductible ($250), benefits kick in and Aetna begins paying 90% of eligible medical expenses for that individual only, but not for the other family members.
  2. If the family deductible is met ($500), Aetna benefits kick-in for every member of the family regardless of whether or not they’ve met their own individual deductibles.

If you enroll in the High Deductible Option, the entire deductible must be met before Aetna will cover any portion of your eligible medical expenses.  This means that if you have family coverage, all your family member’s medical and pharmacy expenses will go towards meeting your annual deductible of $4,000.  Once that amount is met, all the family member’s expenses are covered at 100% for the remainder of the year.

What’s the difference between In-Network and Out-of-Network?

In-Network describes when a doctor, hospital or health care facility you visit is part of your insurance company’s network. Your insurance provides you a lower cost for using in-network providers. You can search for in-network providers through the insurance company or by contacting a provider directly. Out-of-Network describes when a provider is not part of an insurance company’s network. The cost of services will be higher at an out-of-network provider.

What’s the difference between Inpatient and Outpatient?

Inpatient care describes any treatment or service that requires a visit to a hospital or other healthcare facility and requires an overnight stay. Outpatient care is a medical treatment or diagnostic that does not require being admitted overnight to a hospital.

What’s the difference between an FSA and an HSA?

The Flexible Spending Account (FSA) is designed to be paired with a low deductible plan.  There are no employer contributions made to this account.  Your FSA contributions are tax-free deductions that can use for medical equipment, co-pays, prescriptions, dental care, vision care and more. You will have access to the full amount of your annual election immediately, regardless of how much you’ve actually contributed to your account.  FSAs are use it or lose it, so if you haven’t spent your full balance by March 15, 2021 then you will forfeit any remaining balance.  The Healthcare Savings Account (HSA) can only be paired with a high deductible plan. Not only will you receive an employer contribution from Indeed, but you can also elect to contribute your own pre-tax dollars to the account.  You can use the funds in your account for doctor’s visits, prescriptions and any other qualified medical expenses related to your annual deductible. Unlike the FSA, your unused HSA funds stay with you year over year even if you leave the company. In addition, you can only spend funds that have already been contributed into your HSA (no borrowing or “overdraft” protection. HSA funds can also be used towards vision and dental expenses – just keep in mind that these expenses are NOT applied to your medical deductible.  For this reason, we also the option to enroll in a limited purpose FSA that allows you to open a FSA account for dental and vision expenses ONLY in addition to an HSA.  

Who qualifies as a dependent?

At Indeed, we believe that great health care shouldn’t just be for our employees.  Our health plans allow you to enroll certain family members called “dependents” on your plan.  Dependents can include spouses, domestic partners and children up to age 26.   

What counts as a life event?

During the course of the year, you might experience a change in your life that allows you to make changes to your benefits.  This includes getting married, having a baby, adopting a child, losing other coverage, or sometimes moving to a different area.  At Indeed, you have 30 days from the date of the event to notify us that you need to update your benefits.  

What 401(k) contribution options does Indeed offer?

Indeed offers a 401(k) plan that makes it easy, convenient and affordable to accumulate the money you need for retirement. The Indeed 401(k) plan allows for both traditional pre-tax and Roth contributions as well as additional after-tax contributions. In addition, Indeed offers a competitive match. The best part – no vesting schedule! Your contributions and Indeed’s match are yours to keep.

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