Question

1. A ______ plan is paid over a fixed amount of time and has a preestablished benefit provided by the employer.

cash balance

defined benefit

defined contribution

401(k)

2. The Consolidated Omnibus Budget Reconciliation Act gives laid off workers opportunity to continue their existing health insurance coverage while seeking a new place to work.

True

False

3.Weldon is looking for a medical plan that will allow him the freedom to select a provider of his choice without affecting how he is reimbursed. What type of benefit plan is Weldon looking for?

Group of answer choices

health saving plan

traditional-care plan

managed-care plan

flexible benefit plan

Answer 1

1.

Defined benefit

Among all the options mentioned, only defined benefit plan has a pre-established benefit.

2.

True

COBRA allows an individual to keep his/her insurance even in case of unemployment or work reduction.

3.

Traditional-care plan

An individual can select his/her provider only in a traditional healthcare plan. A managed or health saving plan does not allow this. Flexible benefit plan is a different entity altogether.