An employee benefit offered by many companies that allows employees to have pretax dollars withheld from their salaries to pay for unreimbursed medical expenses and dependent-care expenses, such as babysitting or eldercare.
Healthcare and health insurance definitions.
Health insurers generally maintain a list, called a formulary, of “preferred” generic and name brand medications. The medications listed on the formulary are usually covered at a higher level than those medications not listed. (The medications not included on the formulary are often referred to as the “non-preferred” brands.) A formulary can also be called a drug list.
See flexible spending account.