Insurance Ch 10

Question 1

A ______ permits employees, within limits, to choose the form of employee benefits They want from a selection of benefits provided by their employer.

Answer 1

Cafeteria plan

Question 2

Cafeteria plans must include a ______.

Answer 2

Cash option, an option to receive cash, in lieu of non-cash benefits of equal value.

Question 3

The health FSA contribution limit for 2023 is ______.

Answer 3

$3050

Question 4

Employers may allow FSA participants to maintain a _____ balance in their FSA accounts indefinitely in 2023.

Answer 4

$610

Question 5

The maximum tax-free reimbursement under a dependent care FSA is ______ per year as of 2023.

Answer 5

$5000

Question 6

_________ can be provided through an FSA only to a child under 13 or a taxpayer’s dependent or spouse, who is physically or mentally unable to care for himself or herself.

Question 7

The only type of retirement plan that can be part of a cafeteria plan is _______.

Answer 7

A 401(k)

Question 8

Voluntary employees beneficiary association offerings _______ include any benefits that is similar to a pension or annuity at the time of mandatory or voluntary retirement.

Answer 8

May not

Question 9

Long-term care insurance_____ a qualified benefit under a cafeteria plan.

Answer 9

Is not

However, long-term care insurance premiums may be paid through an HSA included in the cafeteria plan.