HRM 485 Exam #2 Flashcards
As of March 2021, discretionary benefits accounted for as much as what percentage of an employer’s total payroll cost?
30%
[1.] ____ were created to offer more health care coverage for those who could not afford insurance funded by [2.] ___ and [3.] ____ subsidies.
- Co-ops
- State
- Federal
This type of discretionary benefit would allow an employee to get help dealing with the effects of domestic violence.
EAP
You broke your neck at work. The company called to inform you that they had to switch your benefits from the short-term disability account to the long-term account. That means you’ve probably been off work around how long?
6 months
Long-term disability benefits usually pay employees which range of monthly pretax salary?
50-70%
Regulates qualified benefits and retirement plans and offers tax advantages to the employer.
ERISA
By what percentage have total healthcare expenditures risen since 1999?
140%
________ replaces income for employees who become unable to work because of sicknesses or accidents.
Disability insurance
This type of consumer driven health care fund allows employees to carry-over the unused funds still in their account.
Health Savings Account (HSA)
Your company asked you to come up with a contribution plan that invests the contributions in company securities and distributes the payouts in stock instead of cash. Which plan would you suggest they use?
Employee Stock Ownership Plan (ESOP)
Jose invested $6,000 in pretax income into his health care plan, but lost the $780 left in it at the end of the year, because he didn’t use it. What type of plan was it?
Flexible Spending Account (FSA)
This type of benefit has been utilized greatly during covid receiving a diagnosis or advice without leaving your home.
Telehealth
According to the provisions in her health insurance plan with Volunteer Insurance, Lauren’s coinsurance payment would be $50 if she goes to Dr. Kitt, but will only be $25, if she goes to Dr. Matthew. She probably belongs to what type of insurance plan?
PPO
These types of insurance plans provide protection
Against health care expenses in the form of cash benefits
Paid to the insured or directly to the provider after the
Services are rendered.
Managed Care Plan
___________is the acronym for the health care reform past in March 2009 and is still currently in place.
PPACA
Tax sheltered similar to an IRA but only for paying medical expenses.
High deductible health plan only- 1,350 employee or 2,700 family.
Health Savings Account
These types of physicians determine when patients need the care of specialists and help to control costs by reducing the number of unnecessary visits to specialists.
Primary care
Social Security was meant for retirement, why or why not?
No, it was meant to help people during the Great Depression as many people were suffering from financial problems.
How is Medicare Part A financed?
Payroll taxes from both employers and employees
A federal law that generally prevents group health plans and health insurance issuers that provide mental health or substance use disorder (MH/SUD) benefits from imposing less favorable benefit limitations on those benefits than on medical/surgical benefits.
Mental Health Parity Act
Under FMLA, for Jacob to take time off to take care of his wife and new child how many hours would he have had to work in the previous 12 months.
1250 hours
Income discontinuity caused by______________led to the Social Security Act as a means to protect families from financial devastation in the event of unemployment.
The Great Depression
A covered service member as “a current member of the Armed Forces, including a member of the National Guard or Reserves, who is undergoing medical treatment, recuperation or therapy, is otherwise in outpatient status, or is otherwise on the temporary disability retired list, for a serious injury or illness; or a covered veteran who is undergoing medical treatment, recuperation, or therapy for a serious injury or illness. This falls under what act?
- FMLA
____________ plans that employer assumes the direct risk for payment of the claims for benefits. The terms of eligibility and coverage are set forth in a plan document which includes provisions similar to those found in a typical group health insurance policy.
Self-funded
