America's Benefit Specialist December 2022

CPC QUIZ

1. More than 30 million Americans are enrolled in Flexible Spending Accounts, but most are not aware of what their _________ deadline is or how to use these tax-advantaged funds. A. spending B. tax C. annual D. extended 2. The FSA deadline extension expires this year, which means the December ____ deadline – the date by which most whose health benefits run on a calendar year must spend FSA funds to avoid forfeiture – is back in play this year.

6. Small to midsize employers that want to make health benefits ________ and affordable to their employees should consid er alternatives to fully insured plans. In 2021, 21% of U.S. workers from small firms were covered by self-funded health

benefit plans. A. accessible B. easy C. simplified D. global

7. A type of self-funding becoming increasingly popular for small to midsize employers is level funding. ________ per cent of small firms report that they have a level-funded plan, a much higher percentage than the previous two years.

A. 31 B. 15 C. 25 D. 2022

A. Forty-two B. Fifty-eight C. Twenty-five D. Ninety-five

3. Some FSAs have a rollover or carryover of funds. On top of that, temporary increases to the FSA carryover limits that were introduced during COVID are expiring, which means that ________ is the maximum amount an account holder with a carryover option is allowed to roll over into 2023.

8. While level funding can provide _______ for smaller employ ers, many brokers are still reluctant to quote this arrangement. A. savings B. cost hikes C. tax cuts D. popularity 9. Benefits of quoting level-funded plan designs includes getting __________, selecting the best options for underwrit ing, getting a summary of medical data and an overview of the advantages. A. base rates B. tax cuts C. commission D. employee satisfaction 10. Paper enrollment forms are commonly available for ___________ to complete. Many insurers accept paper enroll ment forms from other carriers, making it easier to get final rates from multiple sources.

A. $570 B. $365 C. $825 D. $450

4. While an employer can offer a _______-purpose FSA for vision and dental, the more common general medical FSA typically covers a wide variety of eligible expenses, including everyday health and wellness products and clinical services. A. limited B. dual C. multi D. tax 5. By contributing tax-free FSA funds toward healthcare needs, individuals can save an estimated _____ (based on individual federal and state tax brackets).

A. employees B. employers C. beneficiaries D. spouses

A. 30% B. 40% C. 85% D. 60%

36 ABS | benefitspecialistmagazine.com