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Glossary

  1. F

    Federal Employee Health Benefits Program (FEHBP)
    A voluntary health insurance program for federal employees, retirees, and their dependents and survivors.
    fee schedule
    The fee determined by an MCO to be acceptable for a procedure or service, which the physician agrees to accept as payment in full. Also known as a fee allowance, fee maximum or capped fee.
    fee-for-service (FFS) payment system
    A benefit payment system in which an insurer reimburses the group member or pays the provider directly for each covered medical expense after the expense has been incurred.
    Flexible Spending Account (FSA)
    Allows members to use pre-tax dollars for certain eligible medical and dependent care expenses. Members fund their FSAs with contributions that come out of their paycheck.
    formulary
    A listing of drugs, classified by therapeutic category or disease class, that are considered preferred therapy for a given managed population and that are to be used by an MCO's providers in prescribing medications.