DICTIONARY of Key Terms @ Acronyms

with Internet Links 

  • ACA Compliant: Operating within the guidelines of the Patient Protection and Affordable Care Act, often shortened to the Affordable Care Act (ACA) and nicknamed Obamacare. It is a United States Federal Statute enacted by the 111th United States Congress.

       Goto Healthcare.gov for additional detailed information.

  • CMS: The Centers for Medicare & Medicaid Services, CMS, is part of the Department of Health and Human Services (HHS). Their site, CMS.gov provides access and information on the programs they administer, including: Medicare, Medicaid, The Children's Health Insurance Program (CHIP) and the Health Insurance Marketplace.

  • Cost Segregation: Under United States tax laws and accounting rules, cost segregation is the process of identifying personal property assets that are grouped with real property assets, and separating out personal assets for tax reporting purposes. According to the American Society of Cost Segregation Professionals a cost segregation is "the process of identifying property components that are considered "personal property" or "land improvements" under the federal tax code."​​A cost segregation study identifies and reclassifies personal property assets to shorten the depreciation time for taxation purposes, which reduces current income tax obligations. Personal property assets include a building’s non-structural elements, exterior land improvements and indirect construction costs.The primary goal of a cost segregation study is to identify all construction-related costs that can be depreciated over a shorter tax life (typically 5, 7 and 15 years) than the building (39 years for non-residential real property).Personal property assets found in a cost segregation study generally include items that are affixed to the building but do not relate to the overall operation and maintenance of the building.

  • HHS: U.S. Department of Health & Human Services (HHS) is charged to enhance & protect the health and well-being of all Americans. It operates and manages 11 divisions and 8 agencies, one of which is CDC - The Centers for Disease Control & Prevention. See HHS.Gov for additional details.

  • HIPAA (Health Insurance Portability and Accountability Act of 1996) is United States legislation that provides data privacy and security provisions for safeguarding medical information. The act, which was signed into law by President Bill Clinton in August 1996, contains five sections, or titles:

  • PPO Plans: 

  • WellMec Health Plans: Minimum Essential Coverage (MEC) Any insurance plan that meets the Affordable Care Act requirement for having health coverage. To avoid the penalty for not having insurance you must be enrolled in a plan that qualifies as minimum essential coverage (sometimes called “qualifying health coverage”). Examples of plans that qualify include: Marketplace plans; job-based plans; Medicare; and Medicaid & CHIP. GOTO IRS for more details

  • WOTC Tax Credits: is a Federal tax credit available to employers who hire and retain veterans and individuals from other target groups with significant barriers to employment. Employers claim about $1 billion in tax credits each year under the WOTC program. There is no limit on the number of individuals an employer can hire to qualify to claim the tax credit, and there are a few simple steps to follow to apply for WOTC.

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