CFP 512. MODULE 4 EXAM QUESTIONS AND ANSWERS WITH
COMPLETE SOLUTIONS VERIFIED GRADED A++
Name the three Federal Acts/Government Mandates
1. COBRA
2. HIPAA
3. PPACA
Health Insurance Portability and Accountability Act (HIPAA)
Does not enforce pre-existing conditions IF
- an employee had a prior employers health plan for at least 12 months
- less than 63 days have passed since they lost coverage
How does HIPAA define a pre-existing condition
Any medical condition that was treated/diagnosed within 6 months
Consolidated Omnibus Budget Reconciliation Act (COBRA)
provides for the continuation of health care benefits when an employee leaves work
(voluntary or involuntary)
Patient Protection and Affordable Care Act of 2010 (PPACA)
Aims to eliminate barriers on a person's ability to get coverage throughout their life
Name the levels of health coverage offered
1. Catastrophic
2. Bronze
3. Silver
, 4. Gold
5. Platinum
Small Business Health Options Program (SHOP)
- For employers with < 50 full time equivalent employees (including non-profit).
- If < 25 employees, they may qualify for a tax credit up to 50% of premium costs.
- Sole proprietors don't count.
Medicaid
- for people whose income/resources are insufficient to pay for healthcare.
- Federally initiated program
- Primarily administered and partially funded by the state
What is the national Medicaid minimum eligible federal poverty level?
133%
Medicaid may start retroactively for up to how many months?
3 months
Certain assets count toward Medicaid eligibility. Name the 5 countable assets.
1. Checking and Savings Account
2. Stocks and Bonds
3. CDs
4. Property other than primary residence
5. Cars other than one
Assets that do NOT count toward Medicaid eligibility. Name six
1. Primary residence (limits vary by state)
2. Personal Property and Household Belongings
COMPLETE SOLUTIONS VERIFIED GRADED A++
Name the three Federal Acts/Government Mandates
1. COBRA
2. HIPAA
3. PPACA
Health Insurance Portability and Accountability Act (HIPAA)
Does not enforce pre-existing conditions IF
- an employee had a prior employers health plan for at least 12 months
- less than 63 days have passed since they lost coverage
How does HIPAA define a pre-existing condition
Any medical condition that was treated/diagnosed within 6 months
Consolidated Omnibus Budget Reconciliation Act (COBRA)
provides for the continuation of health care benefits when an employee leaves work
(voluntary or involuntary)
Patient Protection and Affordable Care Act of 2010 (PPACA)
Aims to eliminate barriers on a person's ability to get coverage throughout their life
Name the levels of health coverage offered
1. Catastrophic
2. Bronze
3. Silver
, 4. Gold
5. Platinum
Small Business Health Options Program (SHOP)
- For employers with < 50 full time equivalent employees (including non-profit).
- If < 25 employees, they may qualify for a tax credit up to 50% of premium costs.
- Sole proprietors don't count.
Medicaid
- for people whose income/resources are insufficient to pay for healthcare.
- Federally initiated program
- Primarily administered and partially funded by the state
What is the national Medicaid minimum eligible federal poverty level?
133%
Medicaid may start retroactively for up to how many months?
3 months
Certain assets count toward Medicaid eligibility. Name the 5 countable assets.
1. Checking and Savings Account
2. Stocks and Bonds
3. CDs
4. Property other than primary residence
5. Cars other than one
Assets that do NOT count toward Medicaid eligibility. Name six
1. Primary residence (limits vary by state)
2. Personal Property and Household Belongings
