Question 1

What is a Limited Purpose HC FSA?

Accepted Answer

It is restricted to Dental and Vision expenses only and can be used in combination with an HSA plan.

Answer

Annual contribution amount is only available for a limited time each month.

Answer

Requires that the annual amount be determined prior to the plan year start.

Answer

Elected contributions do not carry over from one plan year to the next

Question 2

What is the current  HC FSA contribution limit

Accepted Answer

&#36;2850

Answer

&#36;2750

Answer

&#36;2800

Answer

&#36;2900

Question 3

Whose expenses can be reimbursed from an HC FSA?

Accepted Answer

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.

Answer

Anyone the account holder wants to use their funds for are qualified to use the funds.

Answer

Only  the account holder is eligible to use the funds from an HSA

Answer

Only those dependents covered under the account holder's medical plan can use the funds from the HC FSA.

Question 4

Which  of the following ways can the account holder pay for an eligible expense?

Accepted Answer

All of these are ways to pay for an eligible expense plus reimbursing self from HC FSA after paying out of pocket.

Answer

Through the Mobile App

Answer

Online bill pay directly to the provider

Answer

Health Care Payment Card (Visa Debit Card)

Question 5

Can an account holder have both a HC FSA and a DC FSA?

Accepted Answer

YES

Answer

NO

Question 6

Can an account holder choose to contribute to both the HC FSA and the HSA

Accepted Answer

Only if the HC-FSA is a limited purpose FSA

Answer

No you can't have both types of accounts at the same time.

Answer

Yes there are no restrictions

Question 7

BenefitWallet determines whether or not an individual is eligible to participate in a Health Care FSA

Accepted Answer

FALSE

Answer

TRUE

Question 8

BenefitWallet deducts the participants' Health Care FSA contributions directly from their paychecks.

Accepted Answer

FALSE

Answer

TRUE

Question 9

Identify the item below that IS considered an eligible expense for HC FSA reimbursement.

Accepted Answer

Covering deductible expenses for the  participant's  health care plan.

Answer

Insurance premiums (including COBRA coverage)

Answer

Accidental Death & Dismemberment Insurance.

Answer

Short Term and Long Term Disability Insurance premiums

Question 10

How long can it take for a credit to be deposited to the account for an approved disputed reimbursement, after the form is received?

Accepted Answer

60 days

Answer

15 business days

Answer

7 to 10 Days

Answer

21 business days

Question 11

In what format should and appeal for the HC FSA  be submitted?

Accepted Answer

By letter, via mail

Answer

Via recorded phone call

Answer

Online via the BenefitWallet website

Answer

Via certified mail only

Question 12

How long will it take to review and respond to an appeal?

Accepted Answer

Up to 180 days

Answer

60 days

Answer

21 business days

Answer

7-10 business days.

Question 13

IIAS substantiation is a method of automatic verification of specific products, such as prescription medications.

Accepted Answer

TRUE

Answer

FALSE

Question 14

If a claim is denied due to missing information, an account holder can obtain the corrected documentation and resubmit the documentation.

Accepted Answer

TRUE

Answer

FALSE

Question 15

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?

Accepted Answer

First Day of the new plan year

Answer

After the last pay period of the new plan year.

Answer

First day of the month following the date Bill submitted the election

Answer

Following a 90 day waiting period

Question 16

Cindy wants to reimburse herself for a large, unexpected medical expense. Which of the methods below has the quickest turnaround?

Accepted Answer

Filing a claim online

Answer

Call the BenefitWallet Service Center

Answer

Faxing a claim form

Answer

Mailing a claim form

Question 17

Darryl is coming up on the end of his plan year and he still has quite a bit left in his Health Care FSA. His employer offers the rollover provision at the maximum amount allowed by the IRS. How much is that?

Accepted Answer

&#36;610

Answer

Any unused items are available for rollover

Answer

There are no rollover provisions available.

Answer

Question 18

Marie left her employer last month and still had money left in her HC FSA. She needs to file for reimbursement of an expense that occurred right before she quit. How long does she have to submit the claim?

Accepted Answer

She has until the end of the plan year, or its run-out period whichever is longer.

Answer

She has 90 days from her last day of employment.

Answer

She cannot submit claims after her employment ended.

Answer

She has no deadline to submit the claim for reimbursement.

Question 19

Peter reported that his wallet was stolen and his HC FSA debit card was inside. You reviewed recent card activity with him and Peter found one transaction he believes to be fraudulent. What action does Peter need to take in regard to the one fraudulent transaction?

Accepted Answer

Peter needs to complete and return a Dispute Form within 90 days of the transaction date.

Answer

Peter called to report the issue, and that’s the only action he needs to take.

Answer

Peter needs to call the police and report the fraudulent activity.

Answer

Peter needs to obtain a notarized incident report documenting the theft and fraudulent activity.

Question 20

Robert’s claim for reimbursement of supplement shakes has been denied and after multiple conversations to explain why it’s not an eligible expense, he still disagrees with our determination. What is Robert’s next step if he wishes to pursue further action?

Accepted Answer

Robert can file an appeal to BenefitWallet with an explanation of why he thinks the expense is eligible.

Answer

Robert can submit the claim to BenefitWallet again, hoping that the reimbursement will be approved the second time around.

Answer

Robert can file a complaint with the IRS.

Answer

Robert can file a grievance with his employer.

Question 21

Which of the following is not a reason that a debit card would not work?

Accepted Answer

The card is set to expire in two months.

Answer

Daily debit card limit may have been exceeded with the transaction in question.

Answer

Merchant or IIAS codes passed from point of sale are not approved codes

Answer

Available balance is not sufficient for the current transaction.

Question 22

Why would the Account Holder have to refund their account?

Accepted Answer

All of the answers are correct.

Answer

The account holder was reimbursed for an expense they previously paid using HCFSA funds.

Answer

Daily debit card limit may have been exceeded with the transaction in question.

Answer

The account holder is unable to substantiate the claim.

Question 23

Per KAccess, what items are all not considered eligible HCFSA expenses?

Accepted Answer

Insurance premiums, long-term care, and long-term care insurance.

Answer

Vitamins, eye glasses, and dental work, contact lens cleaner, baby aspirin

Answer

Veterinary expenses, durable medical equipment, iron supplements for anemia

Answer

Cosmetic surgery to repair an injury, prosthetic devices, chiropractic services

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