There is quite a bit of excitement in the CBG Benefits office as we move closer to our March 21st seminar with Mintz Levin on the subject of health care reform.
Leading up to the seminar, we’ll be sharing a number of resources related to health care reform. Today, we’re happy to provide some of the most important acronyms (and a definition for each) that you and/or your employees may need to understand.
The Acronym List
ACA: The Affordable Care Act. Used to refer to the final, amended version of the health care reform legislation.
CHIP: The Children’s Health Insurance Program. Program that provides health insurance to low-income children, and in some states, pregnant women who do not qualify for Medicaid but cannot afford to purchase private health insurance.
DOL: United States Department of Labor.
EBSA: Employee Benefits Security Administration. A division of the DOL responsible for compliance assistance regarding benefit plans.
EPO Plan: An exclusive provider organization plan. A managed care plan that only covers services in the plan’s network of doctors, specialists or hospitals (except in an emergency).
ERRP: The Early Retiree Reinsurance Program. A temporary program created under health care reform to provide coverage to early retirees.
FPL: Federal poverty level. A measure of income level issued annually by HHS and used to determine eligibility for certain programs and benefits.
FLSA: The Federal Fair Labor Standards Act. Amended by PPACA to incorporate health care reform-specific provisions.
FSA: Flexible spending account.
HCR: Health care reform.
HDHP: High deductible health plan.
HHS: United States Department of Health and Human Services.
HMO: Health maintenance organization. A type of health insurance plan that typically limits coverage to care from medical providers who work for or contract with the HMO.
HRA: Health reimbursement arrangement or account.
HSA: Health savings account.
MLR: Medical loss ratio. Refers to the claims costs and amounts expended on health care quality improvement as a percent of total premiums. This ratio excludes taxes, fees, risk adjustments, risk corridors and reinsurance.
OOP: Out-of-pocket limit. The maximum amount you have to pay for covered services in a plan year.
PCE: Pre-existing condition exclusion. A plan provision imposing an exclusion of benefits due to a pre-existing condition.
PPACA: The Patient Protection and Affordable Care Act. Enacted on March 23, 2010, as the primary health care reform law.
PPO: Preferred provider organization. A type of health plan that contracts with medical providers (doctors, hospitals) to create a network of participating providers. You pay less when using providers in the plan’s network, but can use providers outside the network for an additional cost.
QHP: Qualified health plan. A certified health plan that provides an essential health benefits package. Offered by a licensed health insurer.
While this is by no means a complete list of all of the health care reform-related acronyms, it does contain many that you may across in your research efforts. We encourage you to distribute this as a resource within your company, as part of your HR & benefits-related communication efforts.
If you’ll be near Massachusetts on March 21st, we’d love to see you at our health care reform seminar! Register today to reserve your seat.
Our keynote presentation that day will focus on “Employer Responsibilities under Health Care Reform.”