HC FSA Review
Quiz by Jody McNelis
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23 questions
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- Q1What is a Limited Purpose HC FSA?Annual contribution amount is only available for a limited time each month.Requires that the annual amount be determined prior to the plan year start.Elected contributions do not carry over from one plan year to the nextIt is restricted to Dental and Vision expenses only and can be used in combination with an HSA plan.45s
- Q2What is the current HC FSA contribution limit$2850$2750$2800$290045s
- Q3Whose expenses can be reimbursed from an HC FSA?Anyone the account holder wants to use their funds for are qualified to use the funds.Only the account holder is eligible to use the funds from an HSAAny individual whom the employee can claim as a dependent for tax purposes, even if that person is not covered under the employee's medical plan.Only those dependents covered under the account holder's medical plan can use the funds from the HC FSA.45s
- Q4Which of the following ways can the account holder pay for an eligible expense?Through the Mobile AppOnline bill pay directly to the providerAll of these are ways to pay for an eligible expense plus reimbursing self from HC FSA after paying out of pocket.Health Care Payment Card (Visa Debit Card)20s
- Q5Can an account holder have both a HC FSA and a DC FSA?NOYES20s
- Q6Can an account holder choose to contribute to both the HC FSA and the HSAOnly if the HC-FSA is a limited purpose FSANo you can't have both types of accounts at the same time.Yes there are no restrictions45s
- Q7BenefitWallet determines whether or not an individual is eligible to participate in a Health Care FSATRUEFALSE45s
- Q8BenefitWallet deducts the participants' Health Care FSA contributions directly from their paychecks.TRUEFALSE45s
- Q9Identify the item below that IS considered an eligible expense for HC FSA reimbursement.Insurance premiums (including COBRA coverage)Accidental Death & Dismemberment Insurance.Covering deductible expenses for the participant's health care plan.Short Term and Long Term Disability Insurance premiums45s
- Q10How long can it take for a credit to be deposited to the account for an approved disputed reimbursement, after the form is received?15 business days7 to 10 Days60 days21 business days45s
- Q11In what format should and appeal for the HC FSA be submitted?By letter, via mailVia recorded phone callOnline via the BenefitWallet websiteVia certified mail only20s
- Q12How long will it take to review and respond to an appeal?60 days21 business daysUp to 180 days7-10 business days.45s
- Q13IIAS substantiation is a method of automatic verification of specific products, such as prescription medications.TRUEFALSE30s
- Q14If a claim is denied due to missing information, an account holder can obtain the corrected documentation and resubmit the documentation.TRUEFALSE30s
- Q15During his annual enrollment period, Bill elected to contribute $2,000 to his Health Care FSA. When will the elected amount be available for Bill to spend on eligible health expenses?After the last pay period of the new plan year.First Day of the new plan yearFirst day of the month following the date Bill submitted the electionFollowing a 90 day waiting period45s