Benefits Training Day 6b
This quiz is a culmination of everything we have covered in the course so far- Benefits Pre-setup Medical, Dental Vision FSA/HSA/HRA STD/LTD Basic Life/ Voluntary Life Deferred Comp
- 1.You are building a medical plan. What happens if you do not use the correct Deduction Type when you build your deduction code?
- A.
Nothing. Any deduction code will work with your Medical Plan.
- B.
Your whole benefit plan is shot. Start over.
- C.
Your deduction codes will not appear on your Medical Plan.
- D.
You deduction codes will duplicate on your Medical Plan.
- 2.If you do not create a Third Party for a benefit plan, which of the following might happen?
- A.
EBN will not work. They won’t be able to see the extract.
- B.
COBRA integration will fail.
- C.
You will not be able to send ACH or check payments to the Third Party.
- D.
All of the above.
- 3.What is the most difficult part of setting up a benefit plan?
- A.
Figuring out what Benefit Type to use.
- B.
Determining which Deduction code to use.
- C.
Deciding if it is Pre-tax or Post tax.
- D.
Gathering all the information you need to set it up.
- 4.The Start and Stop Date fields on the Plans tab for all plans aside from HSA/FSAs must be no more than 365 days apart.
- A.
True
- B.
False
- 5.The Start and Stop Date fields on the Rates tab on COBRA Eligible plans must be no more than 365 days apart.
- A.
True
- B.
False
- 6.The “Effective Dates Based On” field on the Plans tab is:
- A.
Used to determine when the new rates will appear on the payroll.
- B.
Difficult to determine for bi-weekly payrolls
- C.
Will change FSA and HSA amounts if the field is switched back and forth.
- D.
All of the above.
- 7.Employees can elect (select all that are correct):
- A.
FSA Med & Dependent Care
- B.
HDHP, Limited FSA & HSA
- C.
FSA & HRA
- D.
FSA Dependent Care only
- 8.Which is a true statement about Medical HRA’s?
- A.
HRA’s are employee funded
- B.
HRA’s are offered as a stand-alone plan
- C.
HRA’s are not COBRA eligible
- D.
HRA COBRA is to be offered 2 ways: Medical + HRA premium & Medical premium only
- 9.An HRA is set up in benefits (in order to facilitate COBRA) and is setup like a(n):
- A.
FSA
- B.
HSA
- C.
Medical Plan
- D.
401k Plan
- 10.You should always include a Stop Date on the Plans Tab 365 days from the Start Date on the FSA and H.S.A. plans.
- A.
True
- B.
False
- 11.The difference between calculating on Covered Benefit vs. Straight Salary is:
- A.
You do not use a rate multiplier with the Covered Benefit calculation.
- B.
The Straight Salary calculation does not reduce the monthly amount by the Covered Benefit percentage.
- C.
None. There is no difference.
- D.
Simple. Decide yourself which way it should be calculated.
- 12.
- You must use the algebraic formula to increase the max coverage amount for a disability plan if, and only if:
- A.
The plan is calculated on straight salary.
- B.
The stated max is below $5,000.00 for LTD and $500.00 for STD.
- C.
The client is using eBN services.
- D.
The max coverage is not provided to you.
- 13.Group Term Life is what iSolved uses to refer to:
- A.
Taxable benefit on any amount of Basic Life insurance above 50k.
- B.
Any company paid life insurance.
- C.
The EEs in a group or class.
- D.
None of the above.
- 14.If a bi-weekly customer only wants to run GTL on the 1st and 2nd payrolls of the month, you would change the Schedule Frequency on the earnings code.
- A.
True
- B.
False
- 15.If you want the EE to be a Primary beneficiary on the SP Voluntary Life Plan, you must list him/her as a contact on his/her own account with the relationship set as other.
- A.
True
- B.
False
- 16.
- Auto-Enroll (to add a blank enrollment record on the EE level) is used mostly with the “shell” setup on deferred comp plans because:
- A.
Forced percentage enrollments need it.
- B.
Eligible Wage Plan matches need it.
- C.
A blank enrollment record is needed to make the straight deductions work.
- D.
All of the above.
- 17.For Deferred Comp plans, you can easily setup an eligibility filter using “Normal Hours” under the EE Payroll section to determine if an EE meets the eligibility requirement of having worked 1000 hours.
- A.
True
- B.
False
- 18.Which of the following is false regarding Deferred Comp plan setup?
- A.
You must use a payment option of ACH Payment or Combined Check so the funds from all EEs will go together in a lump sum.
- B.
There is a concern with using the third party payee for a Deferred Comp plan that the funds will get to the carrier before the data and they will be rejected because the carrier does not know how to disburse them.
- C.
There is no pre-note ability with Third Party ACH payment, so you have to make sure you get the account number correct the first time.
- D.
When you put the Third Party in the Provider field, it will send the funds to the Deferred Comp carrier.
- 19.Multiple filters on a single Eligibility Rule create(s):
- A.
EE must meet each and every filter criteria to be eligible.
- B.
An “Or” Statement. EE needs only qualify with one filter to be eligible.
- C.
Havoc. Do not do that.
- D.
Nothing. You cannot put filters on an Eligibility Rule.
- 20.If I need to know the amount of time an employee must wait before he/she is eligible for a benefit, I will ask the customer
- A.
What is the Probationary Period associated with this benefit?
- B.
What are your Eligibility Rules?
- C.
What classes do you have for this benefit?
- D.
What is the EE’s hire date?
- 21.Please choose the incorrect statement about disability plans:
- A.
Can be chosen in increments of coverage.
- B.
They are usually based on salary.
- C.
Disability plans can be age banded or flat rates.
- D.
Must always be 100% ER paid.
- 22.Although you might be tempted to leave fields blank, you shouldn’t because:
- A.
The client might decide to use eBN or COBRA someday.
- B.
These blank columns will show nothing in a report if pulled.
- C.
Some things won’t calculate if you leave them blank.
- D.
All of the above.
- 23.For Life plans, the Underwriting section applies to New Hires and the Guaranteed issue section applies to Open Enrollment.
- A.
True
- B.
False
- 24.You need to create a special coverage code for LTD and STD plans.
- A.
True
- B.
False
- 25.Life plans with a coverage code that contains dependents cannot be set up in which of the following ways.
- A.
EE Tobacco Use, EE Gender and EE Age
- B.
Dependent Tobacco Use, EE Gender and Dependent Age
- C.
EE Tobacco Use and Dependent Age
- D.
EE Tobacco Use, Dependent Tobacco Use and Age
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