Author Question: What is coinsurance? A) Both parents have employer-sponsored insurance coverage for their ... (Read 101 times)

lb_gilbert · **on:** Jul 7, 2018

What is coinsurance?

A) Both parents have employer-sponsored insurance coverage for their children.
B) Two insurance companies combine to offer group insurance coverage.
C) An employee pays all out-of-pocket expenses before the insurance takes effect.
D) The insured pays a percentage of covered expenses.

Question 2

Briefly discuss the components of legally required benefits. How can HR managers minimize the costs that are associated with legally required benefits?

What will be an ideal response?

jesse.fleming · **Reply #1 on:** Jul 7, 2018

Answer to Question 1

Answer: D

Answer to Question 2

Answer: Legally required benefits are mandated by: 1) Social Security Act of 1935, 2) various state workers' compensation laws, 3) Family and Medical Leave Act of 1993. Social Security Act of 1935 addresses: 1) unemployment insurance (for individuals who become unemployed through no fault of their own), 2) OASDI (provides retirement income, survivor's insurance, and disability insurance), and 3) Medicare (provides insurance coverage for hospitalization, convalescent care, and major doctor bills). Workers' compensation is designed to cover expenses due to work-related accidents. The Family and Medical Leave Act provides employees with job protection in case of family