The policy’s death benefit (the amount paid out at the death of the insured) at the time a life insurance policy is purchased.
Fair Market Value (FMV)
The price an item would sell for on the open market in a local geographic area.
Family Support Grant Program
A state-funded program that provides funds to help families provide home care for dependents with mental retardation or related conditions.
FBR
Federal Benefit Rate. The maximum federal benefit rate for the Supplemental Security Income (SSI) program. This amount is updated each January and is used to determine the Pickle Disregard and the Special Income Standard (SIS) for the Elderly Waiver (EW) program.
Federal Benefit Rate (FBR)
The maximum federal benefit rate for the Supplemental Security Income (SSI) program. This amount is updated each January and is used to determine the Pickle Disregard and the Special Income Standard (SIS) for the Elderly Waiver (EW) program.
Federal Financial Participation (FFP)
Federal reimbursement to DHS for some of the cost of a client's health care services. People must meet certain criteria to be eligible for health care programs with FFP.
Federal Income Tax Forms
The Internal Revenue Service (IRS) forms that people who are not exempt must file annually to establish their federal income tax liability. Federal tax forms usually consist of Form 1040 and various supplemental schedules depending on the taxpayer's circumstances.
Federal Poverty Guidelines (FPG)
The amount of income below which a household of a given size is considered impoverished. The federal government updates the FPG annually. All Minnesota Health Care Programs income standards are based on the FPG.
Fee-for-Service
A method of payment for health services. The medical provider bills the insurer and is paid for specific individual services.
FFP
Federal Financial Participation. Federal reimbursement to DHS for some of the cost of a client's health care services. People must meet certain criteria to be eligible for health care programs with FFP.
FICA
Social Security payroll taxes that are collected under the authority of the Federal Insurance Contributions Act (FICA).
First Year Change Option
A managed care enrollee's opportunity to change health plans once during the first year of enrollment in a health plan.
Fiscal Year
A 12-month accounting period. The DHS fiscal year begins July 1 and ends June 30. The fiscal year is designated by the calendar year in which it ends. For example, fiscal year 2009 is the year that begins July 1, 2008, and ends June 30, 2009.
Fixed Annuity
A type of annuity in which benefits have guaranteed or fixed dollar amounts.
Flexible Spending Arrangement (FSA)
Employer-established benefit plan that allows employees to be reimbursed for medical expenses. These may be offered in conjunction with other employer-provided benefits. FSAs are usually funded through voluntary salary reduction agreements with an employer. Both employees and employers may make contributions to the FSA. See IRS Publication 969 for more information.
FMV
Fair Market Value. The price an item would sell for on the open market in a local geographic area.
Food Stamps
Former name of the Federal term for the Federal Supplemental Nutrition Program (SNAP), a U.S. Department of Agriculture programs that issues benefits in the form of electronic benefits to increase food purchasing power.
Food Support Program
Former name of the Supplemental Nutrition Assistance Program, a U.S. Department of Agriculture programs that issues benefits in the form of electronic benefits to increase food purchasing power.
Foster Care
Care given to a child or adult including emergency, interim, or permanent care that cannot be furnished by a parent or legal guardian in the home.
Foster Child
A child under age 21 whose placement, care, and supervision are the responsibility of a social services agency.
Foster Home
A home licensed to provide care to dependent children and/or adults.
Foster Parent
A person giving care to a child in foster care.
Four-Month Rule
One of the insurance barriers for MinnesotaCare. The four-month rule requires some people to have been uninsured for four months before they can enroll in MinnesotaCare.
FPG
Federal Poverty Guidelines. The amount of income below which a household of a given size is considered impoverished. The federal government updates the FPG annually. All Minnesota Health Care Programs income standards are based on the FPG.
Fractional Transfer
A transfer with an uncompensated amount less than the SAPSNF.
FSA
Flexible Spending Arrangement. Employer-established benefit plan that allows employees to be reimbursed for medical expenses. These may be offered in conjunction with other employer-provided benefits. FSAs are usually funded through voluntary salary reduction agreements with an employer. Both employees and employers may make contributions to the FSA. See IRS Publication 969 for more information.
Full Team Developmental Disabilities (DD) Screening
Evaluation of the level of care needed by a person who is assessed as being at risk of placement in an intermediate care facility for the developmentally disabled (ICF/MR), nursing facility, or is requesting residential, training and habilitation, or family support services.
Full-Benefit Dual Eligibles
People who are enrolled in both federally funded MA and Medicare. People gain full-benefit dual eligible status in the first month they are enrolled in both Medicare and federally funded MA. People enrolled in Medicare and MA with a spenddown gain full-benefit dual eligible status in the first month they meet the MA spenddown. Full benefit dual eligibles automatically qualify for Extra Help through the rest of the calendar year.
Full-Time Student
A person who is enrolled in a graded or ungraded primary, intermediate, secondary, GED preparatory, trade, technical, vocational, or post-secondary school and who meets the school's standard for full-time attendance. Summer vacations and school holidays do not affect the student's full-time status. Consider people who are enrolled and attending but do not meet the school's standard for full-time attendance to be part-time students.
FV
Face Value. The policy’s death benefit (the amount paid out at the death of the insured) at the time a life insurance policy is purchased.