ACRONYMS

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  • Program of All-Inclusive Care for the Elderly (PACE) provides comprehensive medical, social, and long-term care services to frail, community-dwelling seniors (55+) to help them avoid nursing homes. Funded by Medicare and Medicaid, PACE uses an interdisciplinary team to coordinate all care, including adult day health, home care, and prescription drugs.
  • In both Medicare and general healthcare, PCP most commonly stands for Primary Care Provider. While it is sometimes used interchangeably with Primary Care Physician, the broader term "Provider" is preferred to include a team-based approach, such as nurse practitioners (NPs) or physician assistants (PAs) who offer primary care medical services.
  • A Professional Employer Organization (PEO) is a firm that provides comprehensive HR services—including payroll, benefits administration, risk management, and compliance—to small and mid-sized businesses through a co-employment arrangement. By partnering with a PEO, businesses become "co-employers," allowing the PEO to handle administrative burdens while the client retains control over daily operations and management.
  • A Private Fee-for-Service (PFFS) plan is a type of Medicare Advantage Plan (Part C) offered by private insurance companies that provides health coverage to beneficiaries. These plans offer flexibility by allowing members to use any Medicare-approved doctor or hospital that accepts the plan's terms.
  • Personally Identifiable Information (PII) is any data that can directly or indirectly identify, contact, or locate a specific individual, such as names, Social Security numbers, biometric records, or financial details. It is categorized into sensitive (high-risk if exposed, like bank numbers) and non-sensitive (often public, like phone numbers). Protecting PII is essential to prevent identity theft, financial fraud, and breaches of privacy.
  • A Performance Improvement Plan (PIP) is a formal, structured document used by employers to address an employee's documented, sustained performance issues or behavioral deficiencies. It outlines specific, measurable (SMART) goals, a timeline (usually 30, 60, or 90 days), and required improvements. While intended to help employees succeed, it often serves as a formal warning preceding potential termination if expectations are not met.
  • A Point-of-Service Plan (POS) is a managed care plan that is a hybrid of HMO and PPO plans. Like an HMO, participants designate an in-network physician to be their primary care provider. But like a PPO, patients may go outside of the provider network for health care services.
  • A Premium Only Plan (POP) is an IRS Section 125 "cafeteria plan" that allows employees to pay their share of employer-sponsored insurance premiums (medical, dental, vision) with pre-tax dollars. It reduces both employee and employer taxable income, lowering income taxes and FICA (Social Security/Medicare) taxes.
  • A PPO (Preferred Provider Organization) is a health insurance plan offering a network of doctors and hospitals that provide services at agreed-upon rates. Key features include flexibility to see specialists without referrals and coverage for out-of-network care, though in-network care is cheaper. PPOs often have higher premiums than HMOs.
  • The Premium Tax Credit (PTC) is a refundable, income-based tax credit designed to make health insurance premiums more affordable for individuals and families with low-to-moderate income who purchase insurance through a Health Insurance Marketplace. It can be taken in advance to lower monthly premiums or claimed on tax returns.
  • Paid Time Off (PTO) in Human Resources is an employer-provided benefit—a bank of hours or days—that allows employees to take paid time away from work for any reason, including vacation, illness, or personal matters. It streamlines traditional leave, combining sick, vacation, and personal days into one flexible pool, reducing administrative tracking.