chapter 10 Flashcards
beneifts
unrelated to work performance and important driver of job satisfaction
total rewards
all the way people are rewarded when they come to work, pay, benefits, and other nonfinacial rewards
legally required benefits
social security,unemployment insurance, workers compensation
unemployment compensation
provides workers whose jobs have been terminated through no fault of their own monetary payments for up to 25 weeks or until they find new job
workers compensation
provides a degree of financial protection for employees who incur expenses resulting from job related accidents or illnesses
discretionary benefits
benefit payments made as a result of unilateral management decisions in nonunion firms and from labor management negotiations in unionised firms
paid time off
means of dealing with the problem of unscheduled abscences by providing a certain number of days each year that employees can use for any purpose
benefits: high employee satisfaction, simpler administration etc
sabbaticals
temporary leaves of absence from an organisation usually reduced at pay
health maintenance organisation
managed care health org. that covers all services for a fixed fee but exercises control over which doctors and health facilities a member may use
preferred provider org.
managed care health org in which incentives are provided to members to use services within the system; out of network providers may be used at greater cost
point of service
managed care health org. that requires a primary care physician and referrals to see specialists as with HMOS but permits out of the network health care access
exclusive provider org.
managed care health org. that offers smaller preferred provider network and usually provides few if any benefits when an out of network provider is used
consumer driven health care plan
gives each employee a set amount of money annually with which to purchase health care coverage that involves high deductable insurance coverage combined with a tax advantaged account such as a health savings account, health reimbursement account and flexible spending account
health savings account
tax free health spendings and savings accounts available to individuals and families who have qualified high deductible health insurance policies as determined by IRS regulation
health reimbursement accounts
allows an employer to set aside funds to reimburse medical expenses paid by participating employees
