COBRA (Shawn)
The name of the law passed in 1985 requiring employers to offer insurance continuation?
The full name must be provided to score correctly.
What is the Consolidated Omnibus Budget Reconciliation Act.
The name for the period of time that you must be continuously Disabled before disability insurance benefits become payable.
What is the elimination period?
This account allows you to contribute up to $5000 annually per household.
What is a Dependent Care FSA?
Voluntary program that employees and dependents covered on an NGHS health plan can get waived prescription copays?
What is Diabetes Management?
An easy to understand summary about a health plan's benefits and coverage.
What is a Summary of Benefits and Coverage (SBC)?
The 2018 maximum deferral limit for employee contributions to the 401(k) Plan for employees who are under the age of 50.
What is $18,500?
The maximum number of months that any COBRA qualified beneficiary can have coverage.
What is 36 months?
Allowed for events such as death, divorce, Medicare eligibility, and no longer of a qualifying dependent age to be covered as a child under a member's plan.
At NGHS, this insurance provides income protection for an employee after they have been out on disability for 180 days.
What is long term disability insurance?
The government allows employees age 55 and older who participate in a high deductible health plan to contribute additional money to an HSA. How much additional can they contribute?
Daily Double: What is this additional amount called?
What is $1000
Daily Double: What is a Catch-Up Contribution?
Counseling offered to employees outside of the health plan with concerns such as marital, family issues, depression, anxiety, substance abuse and stress.
What is an employee assistance program (EAP)?
Assume the election rights notice is mailed from the Cobra Administrator on or before the same date health plan coverage terminated.
What is 60 days?
Employees age 50 and older are eligible to contribute up to an additional $6,000 to their 401(k) accounts in 2018 under this limit.
What is the Catch-Up Deferral limit?
A COBRA beneficiary has this many days to show the Social Security Disability Determination to the Cobra Administrator in order to qualify for an 11 month extension.
What is 60 days?
Under the NGHS STD Plan, the pre-existing condition clause applies for any condition you have been treated for within the last _________ months prior to the policy effective date.
What is six (6) months?
This is the main benefit of having a HSA or a FSA.
What are saving pre-tax dollars?
A regimen designed to help someone become nicotine free.
What is tobacco cessation?
Statement sent to Medicare eligible members that confirms a coverage enrollment period where the member maintained coverage equal or better than the prescription coverage obtained through Medicare Part D.
What is a Medicare Part D Certificate of Creditable Coverage?
What is their Vested balance?
The maximum percent of insurance premium that can be charged to a member for COBRA.
What is 150% of the insurance premium?
Employers may choose to charge up to 150% of the premium during the disability
extension. It is a 102% max in all other circumstances.
If a millennial became disabled today, this is terminology used to describe the maximum duration for which she would receive long term disability benefits. (3 words)
What is Normal Retirement Age?
This happens when you make unauthorized charges with FSA and HSA accounts and do not respond to the administrators requests to substantiate claims.
What is a hold on your account?
The measurement of physical characteristics such as height, weight, BMI, blood pressure, cholesterol, and glucose levels to benchmark and evaluate changes in employee health status.
What is a biometric screening?
A narrative summary provided to plan participants of a plan's financial status that summarizes the information on the Form 5500.
What is a Summary Annual Report?
A distribution from a 401(k) due to needing money to pay for medical care, purchase or to prevent foreclosure of a principal residence, tuition, or funeral expenses for specific relatives.
What is a hardship withdrawal?
The maximum number of employees an organization can have without being required to offer COBRA
What is 19 employees?
Employers with over 20 employees are required to offer insurance continuation
through COBRA.
Terminology used in the NGHS STD policy that means that if you become Hospitalized for 24 hours or more due to an Injury, Pregnancy or Physical Disease, the Elimination Period will be waived and benefit payments will start immediately, provided that you are Disabled. (hint:4 words)
What is First Day Hospital Benefit?
What is the terminology used for a 2.5 month period of time after the end of the plan year that an employer may allow employees participating in a flexible spending account to incur eligible FSA expenses?
What is a Grace Period?
The maximum incentive an employer can provide to encourage participation in an employer wellness program? (hint: non-tobacco)
What is 30% of the employee premium?
Sets the uniform standards to ensure that employee benefits plans are established in a fair and financially sound manner.
An American federal statute that protects the retirement assets of Americans by establishing a set of rules that must be followed by fiduciaries to prevent misuse of plan assets.
What is ERISA?
To be fully vested under the NGHS 401(k) Plan you must work ___________ hours of service for at least _____ Plan Years.
What is 1000 hours of service for at least 2 Plan Years?