Fee-For-Service – A traditional reimbursement in which a health care provider receives a payment equal to their billed charge for each unit of service.
Flexible Benefit Plan – Sometimes referred to as a "cafeteria" plan, a qualified arrangement that lets beneficiaries choose from among a combination of taxable and non-taxed forms of compensation, such as health insurance, 401 (k) plan contributions, dependent are or vacation days.
401 (k) Plan – A tax-qualified defined contribution plan that allows participants to make contribute pre-tax dollars through salary reduction.
Fully Insured – Insured status of a covered person under the Old-Age, Survivors, and Disability Insurance (OASDI) program if he or she meets certain criteria: forty quarters of coverage or has one quarter of coverage for each year after 1950 (or after age twenty-one, if later) up to the year of death, disability. Or attainment of age sixty-two.
Future Increase Option – A provision found in some policies that allows the insured to purchase additional disability income insurance at specified future dates regardless of the insured’s physical condition.