America's Benefit Specialist December 2023

CPC QUIZ

6. According to Small Business Insights, _____ of employ ees are citing financial concerns as a cause of lower mental health.

1. What are biosimilars, and how do they impact the pharmaceutical industry in the United States? A. They are innovative drugs with unique molecular structures. B. They are lower-cost versions of branded biologic drugs and have significant cost-saving effects. C. They are non-FDA approved drugs with no clinical value. D. They are overpriced medications with no impact on healthcare costs. 2. What is the key feature of interchangeable biologic products, as defined in the article? A. They are more expensive than reference biologics. B. They have no clinical value. C. Pharmacists can substitute them for reference products without prescriber intervention. D. They are not monitored for safety and effectiveness by the FDA. 3. What is the primary way in which biosimilars have reduced costs for payers and patients? A. by introducing highly specialized, expensive drugs to the market B. by pressuring manufacturers of branded biologics to increase their prices C. by offering a lower-cost alternative and encouraging price competition D. by reducing patient access to needed therapies 4. Which of the following is NOT a benefit of biosimilars, as mentioned in the article? A. expanding patient access to necessary therapies B. offering a lower-cost drug option 5. What can healthcare professionals do to advocate for their clients with biosimilars, as suggested in the article? A. Encourage patients to avoid biosimilars due to their potential risks. B. Focus on maximizing rebate revenue for clients at the expense of patient costs. C. Educate clients about available biosimilars and dis cuss their benefits. D. Promote the exclusive use of reference biologic products to support brand manufacturers. C. reducing costs for payers and patients D. increasing out-of-pocket costs for patients

A. 23% B. 35% C. 48% D. 53%

7. What are the key factors driving interest in level-fund ed health benefits for small to midsize businesses? A. administrative complexity and higher costs B. inflexible plan designs and higher claim expenses C. predictable monthly payments and savings on state premium taxes D. decreasing employee participation 8. Why do employers find level funding attractive, ac cording to the article? A. It allows for unpredictable monthly payments. B. It provides no customization options for plans. C. It is subject to state health insurance premium taxes. D. It offers protection from catastrophic claims when they incorporate stop-loss insurance premium in the level-funded payments. 9. What does the article suggest you ask your health in surance representative about regarding underwriting and administration? A. the best time to renew your policy B. the most affordable plan for your employees C. participation guidelines and underwriting methods D. the history of the insurance provider 10. What are aspects of plan designs that may vary among carriers/TPAs, as mentioned in the article? A. premium state taxes B. copays, tiers of prescription drugs, or offer different runout period contracts

C. employer participation D. provider network ratings

11. What unprecedented challenges do employers face in these changing times, according to the article? A. recruiting and retaining top talent

B. excessive profitability and high revenue C. a lack of need for competitive benefits D. low employee-turnover rates

36 ABS | benefitspecialistmagazine.com