Boot Camp - Benefits (Assessment)

Plan providers are legally required to provide, upon request, the Summary Plan Description upon becoming a participant in the plan, and a copy of the Summary Annual Description each year.

True

False

Which type of plan is a defined contribution plan:

The benefit payable at retirement is based on money accumulated in each employee’s account.

Each employee’s future benefit is determined by a specific formula, and the plan provides a nominal level of benefits on retirement.

In a self-insured plan, instead of purchasing health insurance from an insurance company and paying the insurer a per-employee premium, the institution acts as its own insurer.

True

False

In a fully insured plan, the institution pays a per-employee premium to an insurance company and the insurance company assumes the costs and thus risk of providing health coverage.

True

False

Long-term care insurance is defined as:

A contract in which a designated beneficiary is paid a predetermined sum of money upon the death of the insured person. It is meant as a way for the insured individual to negate the financial hardship that his or her death may place upon family members and lenders.

Covers some of the costs of a variety of different personal and household services for people who cannot care for themselves. The need for care could be the result of injury from an accident or a chronic illness.

A government-mandated program to provide for the treatment of work-related injuries, compensation and vocational rehabilitation as needed while the individual is unable to work.

Which of the following is NOT an example of a non-insurance benefit that an institution may offer or provide its employees?

Wellness programs

Employee assistance program

Flexible spending accounts

Accidental death and dismemberment policy

Boot Camp - Benefits (Assessment)

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