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HC FSA Review

Quiz by Jody McNelis

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23 questions
Show answers
  • Q1
    What 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 next
    It is restricted to Dental and Vision expenses only and can be used in combination with an HSA plan.
    45s
  • Q2
    What is the current HC FSA contribution limit
    $2850
    $2750
    $2800
    $2900
    45s
  • Q3
    Whose 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 HSA
    Any 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
  • Q4
    Which of the following ways can the account holder pay for an eligible expense?
    Through the Mobile App
    Online bill pay directly to the provider
    All 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
  • Q5
    Can an account holder have both a HC FSA and a DC FSA?
    NO
    YES
    20s
  • Q6
    Can an account holder choose to contribute to both the HC FSA and the HSA
    Only if the HC-FSA is a limited purpose FSA
    No you can't have both types of accounts at the same time.
    Yes there are no restrictions
    45s
  • Q7
    BenefitWallet determines whether or not an individual is eligible to participate in a Health Care FSA
    TRUE
    FALSE
    45s
  • Q8
    BenefitWallet deducts the participants' Health Care FSA contributions directly from their paychecks.
    TRUE
    FALSE
    45s
  • Q9
    Identify 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 premiums
    45s
  • Q10
    How 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 days
    7 to 10 Days
    60 days
    21 business days
    45s
  • Q11
    In what format should and appeal for the HC FSA be submitted?
    By letter, via mail
    Via recorded phone call
    Online via the BenefitWallet website
    Via certified mail only
    20s
  • Q12
    How long will it take to review and respond to an appeal?
    60 days
    21 business days
    Up to 180 days
    7-10 business days.
    45s
  • Q13
    IIAS substantiation is a method of automatic verification of specific products, such as prescription medications.
    TRUE
    FALSE
    30s
  • Q14
    If a claim is denied due to missing information, an account holder can obtain the corrected documentation and resubmit the documentation.
    TRUE
    FALSE
    30s
  • Q15
    During 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 year
    First day of the month following the date Bill submitted the election
    Following a 90 day waiting period
    45s

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