HRM 485 Exam #2

Question 1

As of March 2021, discretionary benefits accounted for as much as what percentage of an employer’s total payroll cost?

Answer 1

30%

Question 2

[1.] ____ were created to offer more health care coverage for those who could not afford insurance funded by [2.] ___ and [3.] ____ subsidies.

Answer 2

1. Co-ops
2. State
3. Federal

Question 3

This type of discretionary benefit would allow an employee to get help dealing with the effects of domestic violence.

Answer 3

EAP

Question 4

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?

Answer 4

6 months

Question 5

Long-term disability benefits usually pay employees which range of monthly pretax salary?

Answer 5

50-70%

Question 6

Regulates qualified benefits and retirement plans and offers tax advantages to the employer.

Answer 6

ERISA

Question 7

By what percentage have total healthcare expenditures risen since 1999?

Answer 7

140%

Question 8

________ replaces income for employees who become unable to work because of sicknesses or accidents.

Answer 8

Disability insurance

Question 9

This type of consumer driven health care fund allows employees to carry-over the unused funds still in their account.

Answer 9

Health Savings Account (HSA)

Question 10

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?

Answer 10

Employee Stock Ownership Plan (ESOP)

Question 11

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?

Answer 11

Flexible Spending Account (FSA)

Question 12

This type of benefit has been utilized greatly during covid receiving a diagnosis or advice without leaving your home.

Answer 12

Telehealth

Question 13

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?

Answer 13

PPO

Question 14

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.

Answer 14

Managed Care Plan

Question 15

___________is the acronym for the health care reform past in March 2009 and is still currently in place.

Answer 15

PPACA

Question 16

Tax sheltered similar to an IRA but only for paying medical expenses.
High deductible health plan only- 1,350 employee or 2,700 family.

Answer 16

Health Savings Account

Question 17

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.

Answer 17

Primary care

Question 18

Social Security was meant for retirement, why or why not?

Answer 18

No, it was meant to help people during the Great Depression as many people were suffering from financial problems.

Question 19

How is Medicare Part A financed?

Answer 19

Payroll taxes from both employers and employees

Question 20

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.

Answer 20

Mental Health Parity Act

Question 21

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.

Answer 21

1250 hours

Question 22

Income discontinuity caused by______________led to the Social Security Act as a means to protect families from financial devastation in the event of unemployment.

Answer 22

The Great Depression

Question 23

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?

Answer 23

3. FMLA

Question 24

____________ 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.

Answer 24

Self-funded

Question 25

__________claims are workers’ compensation
claims that result from disabilities caused
By ailments associated with particular
Industrial trades or processes.

Answer 25

Occupational

Question 26

_________can be defined as any frightening event that puts one’s life
or safety in danger or witnessing
someone else being harmed or put
in danger.

Answer 26

Trauma

Question 27

40 million adults suffer each year with this type of disorder
and most common type of mental health issue ________.

Answer 27

Anxiety

Question 28

___________ is the
theme of the Governors
program for health and wellness.

Answer 28

Small starts

Question 29

$4.7 billion lost in employee
productivity due to financial
___________.

Answer 29

Stress

Question 30

_________ is used to describe the efforts to eliminate social or
environmental causes of mental illness, screen for mental health conditions regularly, and intervene early after the onset.

Answer 30

Prevention

Question 31

Many companies have a
team to address well-being issues. What are some of the job titles for a well-being staff?

Answer 31

Wellness coordinator, wellness manager, trainers, coaches, occupational nurses

Question 32

Start with
a _________ to show
employees a starting place with their health

Answer 32

Health risk assessment

Question 33

____________ and
___________ are key when
starting a new wellness
program for employee
understanding and
participation.

Answer 33

Education and communication

Question 34

On average for every $3.00 spent on wellness,
health care costs
Decrease _____________.

Answer 34

$1.00

Question 35

Name a way of measuring
the ROI on a wellness
program.

Answer 35

Workers’ compensation claims, productivity, employee engagement, job satisfaction

Question 36

___________ is a team
of wellness champions
within a workplace who are charged with increasing
understanding of the
worksite wellness program
and promoting healthier
norms among their peer
groups.

Answer 36

Wellness network

Question 37

On average the US spends about
_________ more per person than any
other country.

Answer 37

$3000

Question 38

Runaway health care cost is the most serious threat to the US economy.
True or False.

Answer 38

True

Question 39

In a coalition, the member
pays premiums and the
money goes into a
_________ and the part of
that can go to pay for
services or tests and there is still out of pocket costs.

Answer 39

Pool

Question 40

Guarantee retirement benefits specified in the
plan document and usually expressed in terms of a monthly
sum.

Answer 40

Defined Benefit Plan

Question 41

Employers and employees make annual
contributions to separate accounts
established for each participating
employee, based on a formula contained
in the plan
document.

Answer 41

Defined contribution plan

Question 42

What resources as an HR
professional, would you
utilize to create or change your retirement plan for your company?

Answer 42

SHRM, ERISA, DOL, USI consultant

Question 43

According to bls.gov there
will be an increase in these
type jobs related to
health___________and
____________.

Answer 43

Educators and community health workers

Question 44

A systems biology–based approach that focuses on identifying and
addressing the root cause of disease

Answer 44

Functional medicine

Question 45

How do we change the
behavior of the employee
population?

Answer 45

Education

Question 46

What is in the “cost
monster”?

Answer 46

Lifestyle, behavioral change, catastrophic care and costs illness, insulated costs (PPT – will be a short answer)

Question 47

There is a _______ in
cost between Primary care
doctors and specialities.

Answer 47

Difference/Disparity

Question 48

What are some differences in high deductible health
plans and managed care or PPO?

Answer 48

PPO – is it in network? Deductible – 2,000 – 5,000, more expensive premium, lower deductible, bigger network High deductible – up to 10,000, higher out of pocket costs, lower premium

Question 49

Who is larger than the healthcare community that could influence policy?

Answer 49

Corporate America

Question 50

How do we use our environment,
diet, exercise to reduce stress and to impact genetics and genomics.

Answer 50

Having friends/community at work, incentives, encouraging people to change