Ben Admin
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Who is Clasp
anyone on average that works 30+ hours a week
what is employee eligibility
The amount an insured person pays out of pocket before insurance starts covering costs.
What is deductible
ACA
ACA rule requiring businesses with 50+ employees to offer affordable health insurance.
employee mandate
release date
What is March 18th
Under the ACA, this is the name of the marketplace where individuals can shop for health insurance.
what is Health Insurance Marketplace (or Exchange)
Health insurance coverage for an employee’s spouse and/or children.
What is dependent coverage
QLE
What is qualified life event
A tax form employers use to report health coverage offered to employees.
What is 1095C
A designated time when employees can enroll in or change their benefits plan.
What is open enrollment
ACA-approved method for determining full-time employee status based on work hours.
What is look back period
The amount an employee pays for health insurance, often deducted from their paycheck.
MEC
A tax-advantaged savings account for medical expenses, available with HDHPs.
What is HSA
Voluntary Benefits
What is it employee-paid benefits like dental, vision, disability, or life insurance?
A health plan must cover at least 60% of total costs to comply with ACA.
What is MVS - minimum value standard
A pre-tax account for medical expenses, but funds usually expire yearly.
What is FSA - flexible spending account
FTE
What is full time equivalent
The maximum percentage of an employee’s income they can pay for employer-sponsored health insurance (set annually by the IRS).
What is Affordability Threshold
A platform simplifying benefits administration, compliance, and employee enrollments.
what is Workstream Ben Admin
This benefit under the ACA allows young adults to stay on their parents' health insurance until what age?
what is 26 years old
Employees working fewer than 30 hours per week, often ineligible for employer-sponsored benefits.
what is a Part-Time Employee
COBRA
What is Consolidated omnibus budget reconciliation act
If an individual receives an exemption from the ACA's Individual Mandate, they must file this form with the IRS.
what is Form 8965