Week 3 (Benefits)

Question 1

the federal old age, survivors, disability, and health insurance program, which combines old age (retirement) insurance, survivors insurance, disability insurance, hospital insurance (medicare part a), and medical insurance (medicare part b) for older individuals
what is this ?

Answer 1

social security

Question 2

state programs that provide benefits to workers who suffer work related injuries or illness, or to their survivors
what is this ?

Answer 2

workers compensation

Question 3

federal law requiring organizations with 50 or more employees to provide up to 12 weeks of unpaid leave after childbirth or adoption; to care for a seriously ill family member or fan an employees own serious illness; or to take care of urgent needs that arise when a spouse, child, or parent in national guard or reserve is called to active duty
what is this ?

Answer 3

family and medical leave act (FMLA)

Question 4

federal law that requires employers to permit employees or their dependents to extend their health insurance coverage at group rates for up to 36 months following a qualifying event, such as a layoffs, reduction in hours, or the employees death
what is this ?

Answer 4

Consolidated Omnibus Budget Reconciliation Act (COBRA)

Question 5

a health care plan that requires patients to receive their medical care from health care professionals, who are often paid a flat salary, and provides all services on a prepaid basis
what is this ?

Answer 5

Health Maintenance Organization (HMO)

Question 6

a healthcare plan that contracts with health care professionals to provide services at a reduced fee and gives patients financial incentives to use network providers
what is this ?

Answer 6

Preferred Provided Organization (PPO)

Question 7

federal law that increased the responsibility of pension plan trustees to protect retirees, established certain rights related to vesting and portability, and created the pension benefit guarantee corporation
what is this ?

Answer 7

Employee Retirement Income Security Act (ERISA)

Question 8

retirement plan in which the employer sets up an individual account for each employee and specifies the size of the investment into that account
what is this ?

Answer 8

defined contribution plan

Question 9

pension plan that guarantees a specified level of retirement income
what is this ?

Answer 9

defined benefit plan

Question 10

employee controlled pretax earnings set aside to pay for certain eligible expenses, such as health care expenses, during the same year
what is this ?

Answer 10

flexible spending account

Question 11

lets employees use their pretax savings to pay for qualified health care expenses
which flexible spending account is this ?

Answer 11

medical savings account

Question 12

a federally mandated to minimize the hardships of unemployment through payments to unemployed workers, help in finding new jobs, and incentives to stabilize employment
what is this ?

Answer 12

unemployment insurance

Question 13

contribute to attracting, retaining, and motivating employees
what is this ?

Answer 13

importance of benefits

Question 14

benefits may be reduced if the worker is still earning wages above a maximum
what is this ?

Answer 14

exempt amount

Question 15

the number of employees a company has laid off in the past and the cost of providing them with unemployment benefits
what is this ?

Answer 15

experience rating

Question 16

an employee does not need to show that the employer was grossly negligent in order to receive compensation, and the employer is protected from lawsuits
what is this ?

Answer 16

no fault liability

Question 17

health care reform law passed in 2010 that includes incentives and penalties for employers providing health insurance as a benefit
what is this ?

Answer 17

patient protection and affordable care act

Question 18

the insurer plays a role in decisions about health care, aimed at avoiding unnecessary procedures
what is this ?

Answer 18

managed care

Question 19

health care plans that provide incentives for employees to make decisions that help lower health care costs
what is this ?

Answer 19

High Deductible Health Plans (HDHPs)

Question 20

a network of health care providers that practice value based care; they agree to be paid based on results
what is this ?

Answer 20

Accountable care organizations (ACOs)

Question 21

a set of communications, activities, and facilities designed to change health related behaviors in ways that reduce health risks
what is this ?

Answer 21

Employee Wellness Program (EWP)

Question 22

insurance that pays a percentage of a disabled employees salary as benefits to the employee for six months or less
what is this ?

Answer 22

short term disability insurance

Question 23

insurance that pays a percentage of a disabled employees salary an initial period and potentially for the rest of the employees life
what is this ?

Answer 23

long term disability insurance

Question 24

retirement plan funded by contributions from the employer and employee
what is this ?

Answer 24

contributory plan

Question 25

retirement plan funded entirely fro the employer
what is this ?

Answer 25

noncontributory plan

Question 26

federal agency that insures retirement benefits and guarantees retirees a basic benefit if the employer experiences financial difficulties
what is this ?

Answer 26

Pension Benefit Guarantee Corporation (PBGC)

Question 27

the employer specifies a level of annual contributions. contributions are invested and when the employee retires, he or she is entitled to receive the amount of the contribution’s plus the investment earnings
what is this ?

Answer 27

money purchase plan
(defined contribution plan)

Question 28

these payments may be set up so that the money goes into retirement plans
what is this ?

Answer 28

profit sharing and employee stock ownership plans
(defined contribution plans)

Question 29

employees contribute a percentage of their earning, and employers may make matching contributions. the amount employees contribute is not taxed as part of their income until they receive art from the plan
what is this ?

Answer 29

section 401(k) plans
(defined contribution plans)

Question 30

retirement plan in which the employer sets up an individual account for each employee and contributes a percentage of the employees salary; the account earns interest at a predefined rate
what is this ?

Answer 30

cash balance plan

Question 31

guarantee that when employees become participants in a pension plan and work a specified number of years, they will receive a pension at retirement age, regardless of whether they remained with employer
what is this ?

Answer 31

vesting rights

Question 32

report that describes a pension plans funding, eligibility requirements, risks, and other details
what is this ?

Answer 32

summary plan description

Question 33

a benefits plan that offers employees a set of alternatives from which they can choose the types and amounts of benefits they want
what is this ?

Answer 33

cafeteria style plan

Question 34

long term savings account that individuals with earned income can use to save for the future whole enjoying certain tax advantages
what is this ?

Answer 34

IRA

Question 35

account used to save for retirement
what is this ?

Answer 35

roth IRA

Question 36

a single policy that covers many people, most often provided by an employer or a group
what is this ?

Answer 36

group term life insurance

Question 37

special account you put money into that you use to pay for certain out of pocket health care costs
what is this ?

Answer 37

flexible spending accounts

Question 38

• goal is to expand coverage, control health care costs, and improve the systems used to deliver health care
• requires u.s. citizens and legal residents to have health coverage, with those not purchasing coverage to pay an escalating penalty
• creates state based exchanged through which individuals can purchase health care insurance of varying costs and benefits
• requires organizations with 50 or more full time employees to offer health care coverage or pay a penalty based on number of employees
  what is this ?

Answer 38

the affordable care act