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Chapter 14 L&H
Terms in this set (15)
When an individual is covered by a three-tiered, consumer driven health plan, the second source or tier of payment usually come from a/an:
The following statement is true concerning the income received from an individually owned disability income policy:
Premiums paid with after tax dollars, Income benefit not taxable
When an employee pays part of the premiums for group disability insurance:
The benefits are received tax free to the extent that the employee paid the premiums
After Robert signed up for Medicare, he withdrew $2,000 from his HSA. He used $600 for his Medicare Supplement premium, $200 for out-of-pocket medical expenses, and the remaining $1,200 on a trip to celebrate his retirement. Later on, when he paid his taxes for the year, he discovered that:
$1,200 was subject to income tax
Gary participates in a group long-term care insurance program through his employer. The employer pays for a standard level of coverage for all employees, and Gary pays for an additional voluntary amount of coverage. In all, Gary's employer pays two thirds of the cost and Gary pays the remaining one third of the cost. If Gary makes a claim under this policy, what percentage of his benefits would be taxable based on the premium structure?
The health care system operated by the department of defense to cover the active and retired military personnel and their families is known as:
In which of the following circumstances was the small business owner able to deduct the premiums they paid for insurance?
The sole proprietor of a small firm buys an overhead expense policy
The cost-sharing provisions of TRICARE Standard include:
A $12 co-pay for office visits and 25% co-pay for procedures
Which of the following plans could generate a taxable event to the recipient?
Business Overhead Expense
What differences exist between the treatment of sole proprietors and partners when it comes to the taxation of medical expense insurance?
There is no difference
For which of the following may any funds remaining at year-end not be rolled over to the next year?
Flexible spending account
Which statement is true regarding taxation of health insurance?
The benefits received from a group Disability Income Policy paid entirely by the employer are fully taxable as income to the employee
Which of the following statements is false regarding the affordable care act?
It requires all employers to provide health insurance to their employees
The 'Appeal Rights' require by the Affordable Care Act apply to:
Denial or reduction of benefits to insureds for specific claims
Andrew discovered that the consumer directed health plan he had established was subject to new contribution limits when he switched the Tier 1 payment mechanism from a/n:
HRAs to HSAs
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