The comprehensive health care reform law enacted in March 2010 (sometimes known as ACA, PPACA, or “Obamacare”).
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- Glossary: Centers for Medicare and Medicaid Services [CMS]Centers for Medicare and Medicaid Services, a federally funded program that provides funding to states for individuals that meet the income and level of care requirements for the Affordable Care Act Health Insurance Program, Medicare, Medicaid, SCHIP (state children’s health insurance) and several other health related programs. ARM Administrative Rules of Montana, the rules which govern the programs authorized by the Montana legislature.
- Glossary: Employer Shared Responsibility Payment [ESRP]The Affordable Care Act requires certain employers with at least 50 full-time employees (or equivalents) to offer health insurance coverage to its full-time employees (and their dependents) that meets certain minimum standards set by the Affordable Care Act or to make a tax payment called the ESRP.
- Glossary: Medical Loss Ratio [MLR]A basic financial measurement used in the Affordable Care Act to encourage health plans to provide value to enrollees. If an insurer uses 80 cents out of every premium dollar to pay its customers' medical claims and activities that improve the quality of care, the company has a medical loss ratio of 80%. A medical loss ratio of 80% indicates that the insurer is using the remaining 20 cents of each premium dollar to pay overhead expenses, such as marketing, profits, salaries, administrative costs, and agent commissions. The Affordable Care Act sets minimum medical loss ratios for different markets, as do some state laws.
- Glossary: DependentA child or other individual for whom a parent, relative, or other person may claim a personal exemption tax deduction. Under the Affordable Care Act, individuals may be able to claim a premium tax credit to help cover the cost of coverage for themselves and their dependents.
- Glossary: Employer or Union Retiree PlansPlans that provide health and/or drug coverage to former employees or members, and, in some cases, their families. These plans are offered to people through their (or a spouse's) former employer or employee organization. Many of these plans aren't legally required to meet many of the provisions of the Affordable Care Act, including providing coverage for children up to age 26.