IBM HRA Trivia Questions! Quiz
(42).jpg "IBM HRA Trivia Questions! Quiz - Quiz")
.
- 1.
What information is true about IBM HRAs?
- A.
HRA funds can be used to reimburse eligible medical expenses, which include premiums that pay for coverage (including Medicare Part B) and certain out-of-pocket expenses such as copays and coinsurance for retirees and eligible dependents
- B.
Tax-advantaged account used to reimburse eligible health care expenses that retiree pays first.
- C.
For retirees with a Future Health Account (FHA), the balance will be transferred into a new HRA. Retirees can check NetBenefits.com for their current balance through the end of the year
- D.
IBM will make an annual contribution to a Health Reimbursement Account (HRA), if eligible.
- E.
All of the above
Correct Answer
E. All of the aboveExplanation
The information provided in the options is true about IBM HRAs. HRA funds can be used to reimburse eligible medical expenses, including premiums and out-of-pocket expenses for retirees and eligible dependents. It is a tax-advantaged account used to reimburse health care expenses. For retirees with a Future Health Account (FHA), the balance will be transferred into a new HRA. IBM will make an annual contribution to a Health Reimbursement Account (HRA) if eligible.Rate this question:
-
- 2.
IBM FHA eligible retirees can find their FHA account balance on the Extend Health website?
- A.
True
- B.
False
Correct Answer
A. TrueExplanation
Retirees who are eligible for the IBM FHA program can access their FHA account balance on the Extend Health website. This suggests that the Extend Health website provides a platform for IBM FHA eligible retirees to view and manage their FHA account information.Rate this question:
-
- 3.
What mailer will a retiree receive from the funding department prior to their effective date?
- A.
Confirmation Letter
- B.
Retiree Welcome Guide
- C.
Getting Started Guide
- D.
HRA Welcome Kit
Correct Answer
D. HRA Welcome KitExplanation
A retiree will receive an HRA Welcome Kit from the funding department prior to their effective date. This kit will provide information and guidance about their Health Reimbursement Arrangement (HRA) benefits, including how to use the funds and what expenses are eligible for reimbursement. It may also contain important contact information and instructions for accessing online resources related to the HRA.Rate this question:
-
- 4.
IBM Retirees can uses their HRA expenses for:
- A.
Medical and Rx Premiums only
- B.
Medical, Rx, Dental, vision, and Long Term Care premiums only
- C.
Medical, Rx, and Medicare Part B premiums only
- D.
Medical, Rx, Dental, Vision, Medicare Part B and Long Term Care Premiums
Correct Answer
D. Medical, Rx, Dental, Vision, Medicare Part B and Long Term Care PremiumsExplanation
IBM retirees can use their HRA expenses for medical, prescription drugs, dental, vision, Medicare Part B, and long-term care premiums. This means that they can utilize their Health Reimbursement Arrangement funds to cover the costs of these healthcare expenses.Rate this question:
-
- 5.
What expenses can a post-65 spouse file for after the retiree meets HRA eligibility requirements?
- A.
213 d expenses
- B.
Premiums paid to IBM
- C.
Copays
- D.
Deductibles
- E.
None of the Above
Correct Answer
A. 213 d expenses -
- 6.
Once a retiree meets the HRA eligibility requirements, what expenses can be claimed for a pre-65 spouse?
- A.
213 d expenses
- B.
Premiums paid to IBM
- C.
Copays
- D.
Deductibles
- E.
None of the Above
Correct Answer
B. Premiums paid to IBMExplanation
Once a retiree meets the HRA eligibility requirements, they can claim expenses for premiums paid to IBM for their pre-65 spouse. This means that the retiree can receive reimbursement for the premiums they pay to IBM to provide health insurance coverage for their spouse who is not yet 65 years old. The other options listed, such as 213d expenses, copays, and deductibles, are not mentioned in relation to the eligibility requirements or the ability to be claimed for a pre-65 spouse.Rate this question:
-
- 7.
IBM retiree accounts will roll over at the end of each year?
- A.
True
- B.
False
Correct Answer
B. FalseExplanation
Retiree accounts at IBM do not roll over at the end of each year. This means that any remaining funds or benefits in the retiree accounts will not carry over to the next year. Instead, retirees must utilize their accounts within the given time frame or lose the unused benefits.Rate this question:
-
- 8.
Retirees with a Future Health Account (FHA) will have their balance transferred into a new HRA which will roll over until depleted?
- A.
True
- B.
False
Correct Answer
A. TrueExplanation
Retirees with a Future Health Account (FHA) will have their balance transferred into a new Health Reimbursement Arrangement (HRA) which will roll over until depleted. This means that when retirees transition from an FHA to an HRA, the remaining balance in their FHA will be transferred to the new HRA, and this balance will continue to roll over from year to year until it is completely used up. Therefore, the statement "True" indicates that retirees with an FHA will indeed have their balance transferred into a new HRA that will roll over until depleted.Rate this question:
-
- 9.
What type of expenses can be claimed using a recurring claim form for IBM?
- A.
213 d expenses
- B.
Premiums
- C.
Copays
- D.
Deductibles
- E.
None of the Above
Correct Answer
B. PremiumsExplanation
Premiums can be claimed using a recurring claim form for IBM. Premiums are the regular payments made to an insurance company or health plan in exchange for coverage. By submitting a recurring claim form, IBM employees can request reimbursement for these premiums. This could include health insurance premiums, dental insurance premiums, or any other type of insurance premiums that are eligible for reimbursement according to IBM's policies.Rate this question:
-
- 10.
What date expectation should be set for an IBM retiree, with a 01/01/2014 effective date, to start receiving their Automatic Reimbursements?
- A.
January 15th
- B.
February 15th
- C.
March 15th
- D.
April 15th
Correct Answer
C. March 15thExplanation
The correct answer is March 15th because the retiree's effective date is 01/01/2014, and the question is asking for the date expectation to start receiving their Automatic Reimbursements. Since the retiree's effective date is in January, it is reasonable to expect that the reimbursements would start in the following month, which is February. However, since the options only include dates after February, the next closest option is March 15th.Rate this question:
-
- 11.
If an IBM Retiree is enrolled in Kaiser through the group plan, they can enroll in an individual Kaiser plan, outside of Extend Health, and still be eligible for their HRA.
- A.
True
- B.
False
Correct Answer
A. TrueExplanation
If an IBM Retiree is enrolled in Kaiser through the group plan, they can also enroll in an individual Kaiser plan outside of Extend Health and still be eligible for their HRA. This means that even if they choose to switch to an individual plan, they can still receive the benefits of the Health Reimbursement Arrangement (HRA) provided by IBM.Rate this question:
-
Quiz Review Timeline +
Our quizzes are rigorously reviewed, monitored and continuously updated by our expert board to maintain accuracy, relevance, and timeliness.
-
Current Version
-
Mar 22, 2023Quiz Edited by
ProProfs Editorial Team -
Dec 05, 2013Quiz Created by
Bthorup
Back to top