CEBS GBA

What is the basic assumption underlying concept of a free market and how is it challenged by the theory of "bounded rationality?" (Mod 1.1) - ANSWER Rational customers will make informed decisions about value, quality and price, while producers who meet consumer's demands will be rewarded with market share and profit. What are economic benefits of a free market? (Mod 1.1) - ANSWER If an individual does not like their provider or health plan, the should be able to "vote with their feet...

Broad view of Employee Benefits (Mod 1.1) - ANSWER Considers Employee Benefits to be virtually any form of compensation other than direct wages paid to Employees (Ex: WC, Unemployment, State DI, SS, Vacation, Holidays, 401K/Retirement, Employer share of Medical, Severance Pay, Child Care, etc..) Narrow view of Employee Benefits (Mod 1.1) - ANSWER Any type of plan sponsored or initiated by Employees and Employers and engaged in providing benefits that result from the employment relationship...

Broadview of employee benefits - ANSWER any form of compensation other than dirext wages paid to employees. includes gov required benefits and private plans. employers share of soc security tax, paid vacation and pension plans. narrow view of employee benefits - ANSWER any type of plan sponsored or initiated unilaterally or jointly by employers and employees engaged in provideng benefits that result from the employment relationship that are not underwritten or paid directly by the gov how...

prepaid service plans - CORRECT ANS this type of plan provided a set allowance (level of benefit) for hospital/medical services and paid them directly to the provider ex: blue cross blue shield indemnity plans - CORRECT ANS plans that reimbursed or indemnified a set dollar amount to the subscriber first dollar coverage - CORRECT ANS plan pays benefits from the minute an expense is incurred. the subscriber pays no expense. this model was used in early hospital and medical plans when costs...

Fringe Benefits - ANSWER Addition of benefits as an offset to higher labor Broad View - ANSWER "Virtually any form of compensation other than direct wages" Limited (Narrow) View - ANSWER Benefits that stem from an employment relationship, not underwritten or paid for directly by the government Reasons for growth in Employee Benefit Plans - ANSWER Business, tax legislation, collective bargaining, efficiency of the approach Labor Management Relations Act (Taft Hartley Act) - ANSWER Admini...