Do You Know Your Affordable Care Act Acronyms?

Here is a list of important ACA acronyms and what they mean:

  • ACA - Affordable Care Act ensures that affordable healthcare with minimum essential coverage for a minimum value is maintained by all Americans.
  • AIRS - ACA Information Reporting System is where employers required to file 250 or more information returns must file electronically.
  • ALE - Applicable Large Employer is usually an employer with at least 50 full-time equivalent employees.
  • FPL - Federal Poverty Level is an element of one of the approved Safe Harbor methods for determining if your healthcare is affordable.
  • FTE - Full Time Equivalent employee is important when determining whether or not your company is an ALE.
  • LNP - Limited Non-Assessment Period is a waiting period when an employee may not be offered benefits.
  • MEC - Minimum Essential Coverage includes healthcare plans offered in the individual market, grandfathered health plans, government-sponsored plans, and other health coverage designated by the Department of Health and Human Services as minimum essential coverage.
  • MV - Minimum Value is provided by a healthcare plan if the plan’s share of the total allowed costs of benefits under the plan is at least 60%, that is the employees’ expected cost-sharing under the plan is no more than 40% of the cost of the benefits.
  • PPACA - Patient Protection and Affordable Care Act is the law that President Obama signed to put healthcare reform into action.
  • VHE - Variable Hour Employee is an employee who does not always work the same number of hours each pay period.

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MIS Manager Dave Cassidy, KTBS-3

Please express my appreciation to those individuals responsible for the Time & Attendance upgrade. I completed the upgrade today and everything went EXACTLY as documented.