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.45sEditDelete
- Q2What is the current HC FSA contribution limit$2850$2750$2800$290045sEditDelete
- 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.45sEditDelete
- 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)20sEditDelete
- Q5Can an account holder have both a HC FSA and a DC FSA?NOYES20sEditDelete
- 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 restrictions45sEditDelete
- Q7BenefitWallet determines whether or not an individual is eligible to participate in a Health Care FSATRUEFALSE45sEditDelete
- Q8BenefitWallet deducts the participants' Health Care FSA contributions directly from their paychecks.TRUEFALSE45sEditDelete
- 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 premiums45sEditDelete
- 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 days45sEditDelete
- 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 only20sEditDelete
- Q12How long will it take to review and respond to an appeal?60 days21 business daysUp to 180 days7-10 business days.45sEditDelete
- Q13IIAS substantiation is a method of automatic verification of specific products, such as prescription medications.TRUEFALSE30sEditDelete
- Q14If a claim is denied due to missing information, an account holder can obtain the corrected documentation and resubmit the documentation.TRUEFALSE30sEditDelete
- 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 period45sEditDelete
- Q16Cindy wants to reimburse herself for a large, unexpected medical expense. Which of the methods below has the quickest turnaround?Call the BenefitWallet Service CenterFaxing a claim formFiling a claim onlineMailing a claim form45sEditDelete
- Q17Darryl 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?Any unused items are available for rolloverThere are no rollover provisions available.$570
$500
45sEditDelete - Q18Marie 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?She has 90 days from her last day of employment.She cannot submit claims after her employment ended.She has no deadline to submit the claim for reimbursement.She has until the end of the plan year, or its run-out period whichever is longer.45sEditDelete
- Q19Peter 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?Peter called to report the issue, and that’s the only action he needs to take.Peter needs to complete and return a Dispute Form within 90 days of the transaction date.Peter needs to call the police and report the fraudulent activity.Peter needs to obtain a notarized incident report documenting the theft and fraudulent activity.45sEditDelete
- Q20Robert’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?Robert can submit the claim to BenefitWallet again, hoping that the reimbursement will be approved the second time around.Robert can file a complaint with the IRS.Robert can file an appeal to BenefitWallet with an explanation of why he thinks the expense is eligible.Robert can file a grievance with his employer.45sEditDelete