Take This ACA Mental Health Test!

1. Which of the following employers must comply with the ACA's new requirement for reporting the value of health benefits on an employee's W-2?

No one; this requirement was repealed

All businesses regardless of size

Companies with 100 or more employees

Employers required to file 250 or more W-2's

The correct answer is that employers required to file 250 or more W-2's must comply with the ACA's new requirement for reporting the value of health benefits on an employee's W-2. This means that businesses with less than 250 employees are not required to report the value of health benefits on the W-2.

Explanation

The correct answer is that employers required to file 250 or more W-2's must comply with the ACA's new requirement for reporting the value of health benefits on an employee's W-2. This means that businesses with less than 250 employees are not required to report the value of health benefits on the W-2.

2. Chen America employs 28 people. The company does not offer health insurance. In 2014, 15 of the company's employees purchase insurance through a state health insurance exchange. How much might Smith Company have to pay as a fine for not offering health insurance?

$15,000

$0

$45,000

$30,000

Chen America does not have to pay a fine for not offering health insurance because the company employs fewer than 50 people. According to the Affordable Care Act, businesses with fewer than 50 full-time equivalent employees are not required to offer health insurance and therefore do not face any penalties for not providing it.

Explanation

Chen America does not have to pay a fine for not offering health insurance because the company employs fewer than 50 people. According to the Affordable Care Act, businesses with fewer than 50 full-time equivalent employees are not required to offer health insurance and therefore do not face any penalties for not providing it.

3. What is the full meaning of ACA?

Affordable Care Act

American Care Act

Affordable Care Council

American Care Council

The full meaning of ACA is Affordable Care Act. This legislation, also known as Obamacare, was enacted in the United States in 2010. It aimed to improve the accessibility and affordability of healthcare for Americans. The Affordable Care Act introduced various provisions, such as the expansion of Medicaid, the establishment of health insurance marketplaces, and the requirement for individuals to have health insurance coverage.

Explanation

The full meaning of ACA is Affordable Care Act. This legislation, also known as Obamacare, was enacted in the United States in 2010. It aimed to improve the accessibility and affordability of healthcare for Americans. The Affordable Care Act introduced various provisions, such as the expansion of Medicaid, the establishment of health insurance marketplaces, and the requirement for individuals to have health insurance coverage.

4. Supporters of the ACA state health insurance rates for people will be less with the premium assistance tax credits. What is expected to happen with the individual health insurance rates for people who do not qualify for tax credits?

Premiums will increase by 75% or more.

Premiums will go down, but not as much as for those who get premium assistance.

Premiums will increase 5% to 10%

Premiums will increase between 25% and 50%

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Explanation

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5. The Marshall family has a combined income that places them at 39% of the federal poverty level. Based on their family size and income, they receive $10,290 in premium assistance tax credits. At the end ifn the year, the Mrs. Marshall received a bonus that pushed their annual income over 400% of the poverty level. When they file their tax return in April of the following year, what does the ACA require happen with their premium assistance?

Because they have a family policy, they have to repay $600.

Because they file taxes with three personal exemptions, they have to repay $2,500 or reduce their subsidy in a future year.

Because they earned more than 400% of the poverty level, they must pay the IRS the entire $10,290 as additional tax.

No financial impact, because the year in which the credits were used is over.

According to the information provided, the Marshall family received $10,290 in premium assistance tax credits based on their income and family size. However, when Mrs. Marshall received a bonus that pushed their annual income over 400% of the poverty level, the ACA requires them to repay the entire amount of the premium assistance tax credits to the IRS as additional tax. This means that they must pay back the $10,290 in full because their income exceeded the threshold set by the ACA.

Explanation

According to the information provided, the Marshall family received $10,290 in premium assistance tax credits based on their income and family size. However, when Mrs. Marshall received a bonus that pushed their annual income over 400% of the poverty level, the ACA requires them to repay the entire amount of the premium assistance tax credits to the IRS as additional tax. This means that they must pay back the $10,290 in full because their income exceeded the threshold set by the ACA.

6. When the federal and state health insurance exchanges begin enrolling people for 2014 health coverage what tax year's income will be used to set an applicant's premium assistance tax credits

None

2011

2012

2013

The correct answer is 2012. When the federal and state health insurance exchanges begin enrolling people for 2014 health coverage, the applicant's premium assistance tax credits will be based on their income from the tax year 2012. This is because the exchanges need to use the most recent tax year's income information available to determine eligibility for the credits.

Explanation

The correct answer is 2012. When the federal and state health insurance exchanges begin enrolling people for 2014 health coverage, the applicant's premium assistance tax credits will be based on their income from the tax year 2012. This is because the exchanges need to use the most recent tax year's income information available to determine eligibility for the credits.

7. John and Jen are each single. John earns $37,000 a year. Jen earns $40,000, roughly %360 of the poverty level. Because each income is under 400% of the poverty level, each of them would receive a premium assistance tax credits towards health insurance purchased through a health insurance exchange. If they were married to one another, would they receive premium assistance?

They would not be eligible for premium assistance.

They would receive slightly less in premium assistance, because they share a common health policy.

They would get the same premium assistance as long as they maintain separate health insurance policies.

They would receive the same assistance as a married couple as if they are single.

If John and Jen were married to each other, they would not be eligible for premium assistance. This is because their combined income would exceed 400% of the poverty level, which is the threshold for receiving premium assistance.

Explanation

If John and Jen were married to each other, they would not be eligible for premium assistance. This is because their combined income would exceed 400% of the poverty level, which is the threshold for receiving premium assistance.

8. Which of the following may continue using health conditions for underwriting health insurance in 2014 and after?

Small business group health plans

Self-funded group health plans

Individual health policies

Large company health plans

Self-funded group health plans may continue using health conditions for underwriting health insurance in 2014 and after. This means that these plans can consider an individual's health conditions when determining their eligibility for coverage and the cost of their premiums. Unlike small business group health plans, individual health policies, and large company health plans, self-funded group health plans have more flexibility in underwriting and are not subject to the same regulations and restrictions.

Explanation

Self-funded group health plans may continue using health conditions for underwriting health insurance in 2014 and after. This means that these plans can consider an individual's health conditions when determining their eligibility for coverage and the cost of their premiums. Unlike small business group health plans, individual health policies, and large company health plans, self-funded group health plans have more flexibility in underwriting and are not subject to the same regulations and restrictions.

9. The AC requires that certain organizations automatically enroll employees in a health benefits plan. To which of the following groups does this apply?

Businesses with more than 200 full-time employees

Businesses with more than 200 employees

Government contractors

State and federal government agencies

This applies to businesses with more than 200 employees. The Affordable Care Act (AC) requires certain organizations to automatically enroll their employees in a health benefits plan. This requirement is applicable to businesses with more than 200 employees, regardless of whether they are full-time or part-time employees.

Explanation

This applies to businesses with more than 200 employees. The Affordable Care Act (AC) requires certain organizations to automatically enroll their employees in a health benefits plan. This requirement is applicable to businesses with more than 200 employees, regardless of whether they are full-time or part-time employees.

10. Which of the following ACA provisions became effective in 2013?

Employers with less than 50 employees may offer self-funded health insurance plans

Employers must inform their employees of the availability of health insurance exchanges

Children up to age 26 may only remain on a parent's health insurance policy if the child is not eligible for employer-provided insurance

A 40% excise tax on high-cost health insurance policies

In 2013, one of the provisions of the ACA (Affordable Care Act) that became effective was that children up to the age of 26 could only remain on their parent's health insurance policy if they were not eligible for employer-provided insurance. This provision aimed to ensure that young adults had access to health insurance coverage even if they were no longer in school or employed.

Explanation

In 2013, one of the provisions of the ACA (Affordable Care Act) that became effective was that children up to the age of 26 could only remain on their parent's health insurance policy if they were not eligible for employer-provided insurance. This provision aimed to ensure that young adults had access to health insurance coverage even if they were no longer in school or employed.