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Resource LinksReference Library: Glossary of Terms
F
Family Deductible
A single deductible which, when satisfied, relieves a family of the burden of satisfying a deductible for each individual family member.
Federally Qualified HMO
In the United States, a Health Maintenance Organization which satisfies specific requirements set forth in the Health Maintenance Organization Act of 1973. Federally qualified HMOs are entitled to certain grants and loans from the federal government and are eligible to be used by employers to satisfy the dual choice provision.
Fee-for-Service
A payment system for health care where the health-care provider is paid for each procedure or service rendered.
Fee Schedule
A schedule or list of maximum benefits that will be paid under a group medical contract for certain listed procedures. See also relative value schedule. May simply be called a schedule.
Fee Schedule Basis
A compensation plan used in health maintenance organizations (HMOs) and preferred provider organizations (PPOs) in which a physician is paid a predetermined amount for each service that the physician provides.
Fiduciary
A person or organization who holds, manages and has discretionary authority and control over money belonging to another person or organization, or who renders investment advice in exchange for compensation. When an insurance company manages pension funds, the insurance company is acting as a fiduciary.
First-dollar Coverage
Medical expense insurance under which no deductible or coinsurance is applicable to covered expenses.