Question

1- The insurance program designed to provide medical treatment and temporary payments to employees who cannot work because of an employment-related injury or illness is:

A. Unemployment insurance

B. Portability option

C. Social Security disability

D. Government disability insurance

E. Workers’ compensation

2- In an HMO, the patient pays a _________ each time he or she visits.

A. prepayment

B. copayment

C. referral

D. reverse insurance

E. facility payment

3- The employer and employee each pay a tax of about _____ percent of the employee’s paycheck into Social Security for OASDI only?

A. 7.9%

B. 5%

C. 10.3%

D. 6.2%

E. 12.4%

4- What type of insurance account allows the employer and employee to fund a medical savings account from which the employee can pay medical expenses in pretax dollars?

A. OPE

B. HSA

C. EME

D. GEN

E. MEP

5- ____________________ are a tool that will allow us to provide greater rewards to the best people in the organization.

A. Incentives

B. Variables

C. Compensators

D. Motivators

Answer 1

Answer - 1

E. Worker Compensation - Worker Compensation is a type of insurance Purchase by the Employer for the coverage of Employement related injury and illnesses. It is the compensation required by the law to be made to employee who is injured or disabled in connection with the work.

The federal Govt. offered does offeres its own workers compensation insurance for federal employees but every individual state have their own norms and act to deal with the same.

Answer - 2

B. CoPayment - An HMO is health care organisation created in an effort to lower healthcare costs for you and for whomsoever is helping pay for your health care, such as an employer or the Government. If you join an HMO , you get to use their services at a very lost cost - i.e. Copayment much less than if you went to the doctor and paid for them.

Answer - 3-

D. 6.2% - FICA taxes include OASDI, as federal law requires all wage earners to pay OASDI tax. Under federal law, employers are required to deduct 6.2 % of an employee's wages as his or her OASDI/EE contribution and also to pay matching amount.

Answer - 4

B. HSA - Health Savings Account - HSA is a special Bank account for your Employees eligible health care costs. Employees can put their money into their HSA account through pretax payroll deduction, deposits or transfers. As the amount grows over time, they can continue to save it or spend it on eligible expenses. The money HSA account belongs to the employee and is theirs to keep, even if they switch job. The funds roll over from year to year and can earn interest.

Answer - 5

A. Incentives - Rewarding people in financial terms motivate the employees most on the basis of their performances and targets to get theb reward. This motivates and encourage the people to do something and grow both as an professional and individual.