F

Flexible Spending Account Limits

Contributions to flexible health care spending accounts are limited to $2,500 per year, and set to increase according to cost of living increases.

Flexible Spending Accounts (FSA)

Accounts that allow employees to set aside money, tax free, for use on health costs not covered by their insurance plans. These costs include over the counter medicine, dental work, co-pays, or deductibles.

Food and Drug Administration (FDA)

Agency under the U.S. Department of Health and Human Services that regulates the approval of all new drugs, biologics and medical devices as well as overseeing food and other products.

Formulary

A list of prescription drugs that health plans will pay for in-part or in-full.

Fraud Prevention Systems (FPS)

A system used to analyze Medicare claims to detect fraudulent behavior with the goal of preventing improper payments rather than having to collect them after the fact.

Full-time Equivalent Employee

An individual who works at least 30 hours a week or 130 hours a month.

Full-time Equivalent (FTE)

A method that makes workloads comparable across various contexts

Non-preferred Provider

A provider who doesn’t have a contract with your health insurer or plan to provide services to you. A provider need not participate in all…