1. Managed care plan offered by an employer to his or her employees that allows them to select the type and amount of benefits from a “menu” of different options the employer offers such as health care, life insurance, vacation, and disability insurance. Some cafeteria plans give an employee a certain number of benefit “points,” which can be used to purchase one or all of the benefits offered by the company. An employee who did not want to participate in a health plan could apply more points toward a 401(k) plan, life insurance, or any other benefit offered. Under some plans, the credits can be redeemed for cash. The employer pays for the plan with before-tax dollars. Also called flexible benefit plan, flex plan, or flexible compensation. 2. See Section 125 of the Internal Revenue Code.

Period of 1 year commencing on January 1 and ending on December 31.

Common form of deductible under major medical and comprehensive medical expense insurance plans. Insureds may accumulate covered expenses for the purpose of satisfying the deductible for the entire 12-month period.
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In health insurance, the amount of expense that must be borne by the insured during a calendar year before the health insurance policy makes payment for loss.

Physicians or providers on whom a medical practitioner depends for backup support during times that he or she is not available.

Group of physicians with similar medical specialties who have joined together to give call share services.

Subject to redemption on notice (e.g., a bond).

Individual health insurance policy that can be terminated at any time by the insurance company. Also called cancelable contract. See also conditionally renewable.