IBM - Go Live
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We should always collect at least the Primary Care Physician and enter it in the SSC for all IBM retirees.
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True
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False
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This IBM - Go Live quiz assesses knowledge on Health Reimbursement Arrangement (HRA) eligibility and options for IBM retirees. It focuses on understanding different retiree segments, HRA benefits, and the implications of choosing specific HRA options.
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- 2.
What are the HRA eligibility requirements for people in the “Prior Plan, Losing Group Medical and Rx Coverage” segment?
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They have an HRA exception, they just have to call Extend
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They must buy a medical plan to qualify
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They must buy a medical and/or drug plan to qualify
Correct Answer
A. They must buy a medical plan to qualifyExplanation
The correct answer is that people in the "Prior Plan, Losing Group Medical and Rx Coverage" segment must buy a medical plan to qualify for HRA eligibility. This means that in order to be eligible for the HRA, individuals in this segment must purchase a medical plan.Rate this question:
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- 3.
What are the HRA eligibility requirements for people in the “Prior Plan, No Current Medical Coverage, Losing Group Rx Coverage” segment?
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They have an HRA exception, they just have to call Extend
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They must buy a medical plan to qualify
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They must buy a medical and/or drug plan to qualify
Correct Answer
A. They must buy a medical and/or drug plan to qualifyExplanation
The HRA eligibility requirements for people in the "Prior Plan, No Current Medical Coverage, Losing Group Rx Coverage" segment is that they must buy a medical and/or drug plan to qualify. This means that in order to be eligible for the HRA, they need to purchase either a medical plan or a drug plan, or both. Simply having an HRA exception or calling Extend is not sufficient to meet the eligibility requirements.Rate this question:
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- 4.
What are the HRA eligibility requirements for people in the “FHA, Kaiser, Losing Group Medical and Rx Coverage” segment?
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They have an HRA exception; they just have to call Extend. But we should still offer to compare the options we have available on our exchange.
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They must buy a medical plan to qualify
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They must buy a medical and/or drug plan to qualify
Correct Answer
A. They have an HRA exception; they just have to call Extend. But we should still offer to compare the options we have available on our exchange.Explanation
The correct answer explains that individuals in the "FHA, Kaiser, Losing Group Medical and Rx Coverage" segment have an HRA exception, meaning they are exempt from certain requirements. However, they are advised to call Extend for further assistance. Additionally, it is recommended to offer a comparison of the available options on the exchange.Rate this question:
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- 5.
What is a FHA?
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Future Health Account
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An interest earning account that some IBM retirees have set up to pay for their current group premiums
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An account Fidelity administers
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All of the above
Correct Answer
A. All of the aboveExplanation
The correct answer is "All of the above." This means that a FHA can refer to a Future Health Account, which is an interest earning account that some IBM retirees have set up to pay for their current group premiums. It can also refer to an account that Fidelity administers. Therefore, all of these options are correct explanations for what a FHA is.Rate this question:
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- 6.
IBM is giving retirees two HRA options. What are they?
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Retirees can choose a higher HRA amount that would waive any spousal survivor benefits, or they can elect survivor coverage which will lower their HRA amount but gives their spouse a death benefit upon the retirees passing
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They can opt to have their HRA put in a joint or separate account
Correct Answer
A. Retirees can choose a higher HRA amount that would waive any spousal survivor benefits, or they can elect survivor coverage which will lower their HRA amount but gives their spouse a death benefit upon the retirees passingExplanation
Retirees have two HRA options offered by IBM. The first option is to choose a higher HRA amount, which would waive any spousal survivor benefits. The second option is to elect survivor coverage, which will lower the HRA amount but provides a death benefit to the retiree's spouse upon the retiree's passing.Rate this question:
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- 7.
Why would a retiree opt for the higher HRA amount?
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To be mean-spirited to their spouse
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If a retiree is divorced or they are single, it may be beneficial to waive the survivor benefit in exchange for a higher HRA amount
Correct Answer
A. If a retiree is divorced or they are single, it may be beneficial to waive the survivor benefit in exchange for a higher HRA amountExplanation
A retiree may opt for a higher HRA amount if they are divorced or single because in such cases, they may not have a spouse who would benefit from the survivor benefit. By waiving the survivor benefit and choosing a higher HRA amount, the retiree can potentially receive more financial support for themselves, which can be advantageous in their individual circumstances.Rate this question:
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- 8.
Why would they opt for the lesser HRA amount?
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Because financially they just don’t need the money
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Taking the lower amount will insure that their spouse receives 50% of the HRA upon the retiree’s passing
Correct Answer
A. Taking the lower amount will insure that their spouse receives 50% of the HRA upon the retiree’s passingExplanation
By opting for the lesser HRA amount, the retiree ensures that their spouse will receive 50% of the HRA after their passing. This suggests that the retiree prioritizes the financial security of their spouse over their own immediate financial needs.Rate this question:
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- 9.
How will IBM retirees elect which HRA they would like?
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They will call Extend Health and we will capture what election they have decided
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They will receive a letter from Budco in November that contains an election form that the retirees will need to fill out and send back to Budco
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They will call Fidelity to capture their election
Correct Answer
A. They will receive a letter from Budco in November that contains an election form that the retirees will need to fill out and send back to BudcoExplanation
Retirees will receive a letter from Budco in November that contains an election form. They will need to fill out this form and send it back to Budco to elect their desired HRA.Rate this question:
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- 10.
If retirees do not make an election, what will happen to their HRA?
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They will lose it
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They will default to the higher amount without the surviving spousal benefit
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They will default to the lower amount with the surviving spousal benefit
Correct Answer
A. They will default to the lower amount with the surviving spousal benefitExplanation
If retirees do not make an election, their HRA will default to the lower amount with the surviving spousal benefit. This means that they will receive a lower amount of HRA and also have the option to provide a benefit to their surviving spouse.Rate this question:
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- 11.
If you are asked a question and you aren’t 100% sure about the answer, you should…
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Ask InfoSource
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Ask InfoSource
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Ask InfoSource
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All of the above
Correct Answer
A. All of the aboveExplanation
If you are asked a question and you aren't 100% sure about the answer, it is best to ask InfoSource for clarification. Asking InfoSource can provide you with accurate and reliable information, helping you to avoid giving incorrect or misleading answers. By asking InfoSource, you can ensure that you provide the most accurate response possible.Rate this question:
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Quiz Review Timeline (Updated): Sep 2, 2023 +
Our quizzes are rigorously reviewed, monitored and continuously updated by our expert board to maintain accuracy, relevance, and timeliness.
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Current Version
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Sep 02, 2023Quiz Edited by
ProProfs Editorial Team -
Sep 26, 2013Quiz Created by
Bthorup
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