ACRONYMS

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  • Full Benefit Dual Eligibles (FBDE) are individuals entitled to Medicare (Part A and/or Part B) who also qualify for full Medicaid benefits, often including long-term care, in their state. They receive comprehensive coverage for services not covered by Medicare, with Medicaid covering deductibles, copayments, and premiums.
  • Fee-for-Service (FFS) in health insurance, is a traditional model where providers are paid for each specific service rendered—such as exams, tests, or procedures—rather than a bundled fee. While it allows for greater freedom, FFS plans often have higher premiums, higher out-of-pocket costs, and more paperwork compared to managed care plans like HMOs or PPOs.
  • Federal Tax Identification Number: often called a Federal Tax ID Number or simply Employer Identification Number (EIN), is a unique nine-digit number assigned by the IRS to business entities for tax reporting, identifying them similarly to how Social Security Numbers (SSNs) identify individuals.
  • The Federally Facilitated Marketplace (FFM) is an online health insurance exchange operated by the U.S. Department of Health and Human Services (HHS) through HealthCare.gov for states that do not operate their own. It allows individuals and families to compare, shop, and enroll in Affordable Care Act (ACA) compliant health plans. The FFM provides financial assistance, including subsidies for premium costs and cost-sharing reductions, for eligible low- to moderate-income individuals.
  • Learn About FICA, Social Security, and Medicare TaxesFICA (Federal Insurance Contributions Act) is a U.S. federal payroll tax deducted from employee paychecks to fund Social Security and Medicare. It consists of a 6.2% Social Security tax and a 1.45% Medicare tax (7.65% total), with employers matching this amount. High earners may pay an additional 0.9% Medicare tax.
  • A FIDE-SNP (Fully Integrated Dual Eligible Special Needs Plan) is a specialized type of Medicare Advantage plan designed for individuals who are "dually eligible"—meaning they qualify for both Medicare (federal) and Medicaid (state).
  • The Fair Labor Standards Act (FLSA) is a federal law in the United States that establishes minimum wage, overtime pay, recordkeeping, and child labor standards for full-time and part-time workers in the private sector and in federal, state, and local governments. It guarantees a federal minimum wage (currently per hour) and overtime pay of at least 1.5 times the regular rate for hours worked over 40 in a workweek.
  • The Family and Medical Leave Act (FMLA) is a federal law providing eligible employees with up to 12 weeks of unpaid, job-protected leave per year for qualifying family and medical reasons. It ensures employees can take time off for serious health conditions or family responsibilities without losing their jobs or health insurance.
  • In the context of the Affordable Care Act (ACA), health insurance, and general healthcare, Fair Market Value (FMV) is defined as the price a service, asset, or provider contract would bring on the open market between a willing buyer and seller, both having reasonable knowledge of the facts and acting without undue pressure.
  • Federal Poverty Level: is an income measure issued annually by the Department of Health and Human Services (HHS) to determine eligibility for government assistance programs, such as Medicaid and ACA health insurance subsidies.
  • A Flexible Spending Account (FSA) is an employer-sponsored, tax-advantaged account used to pay for qualified out-of-pocket medical or dependent care expenses. Contributions are deducted from paychecks pre-tax, reducing taxable income.
  • FTE stands for Full-Time Equivalent, a standardized HR and payroll metric representing the total hours worked by all employees (full-time and part-time) divided by the hours of a full-time schedule. A full-time employee (usually 40 hours/week) is FTE, while two part-time employees working 20 hours each also equal FTE.
  • The Federal Unemployment Tax Act (FUTA) is a 6% federal employer payroll tax on the first $7,000 of employee wages, used to fund state workforce agency administration and unemployment benefits. Most employers pay a reduced rate of 0.6% ($42 per employee) by claiming a 5.4% credit for timely state unemployment tax payments.