HRA Review
Quiz by Jody McNelis
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13 questions
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- Q1Mary can only use her HRA funds to cover eligible expenses after the medical plan deductible has been met. What kind of HRA does she have?Limited PurposeGeneral PurposePost DeductibleRestricted20s
- Q2During his annual enrollment period, Stevie earned a $500 contribution to his HRA for completing his wellness screening. When will the additional money be contributed to his HRA?Two weeks after earning the fundsAfter a 90 day waiting periodAt his employer's discretion; we have no way of knowingImmediately20s
- Q3Devon is coming up on the end of her plan year and she still has some money left in her HRA. How much of that balance will carry over to the next plan year?We don't know, because rollover amounts are determined by the employer.There is no rollover provision for HRA funds.Up to $500 will rollover to the next plan year.The entire balance of the HRA always rolls over to the next plan year.20s
- Q4Tanika wants more information about what a qualifies as an eligible expense under her HRA. Where should you refer her?IRS Publication 502Her employer’s plan documentIRS Publication 503The BenefitWallet website20s
- Q5How does a Post-Deductible HRA work?A Post-Deductible HRA cannot be used until the employee retires.A Post-Deductible HRA does not pay eligible expenses until the medical plan’s annual deductible has been satisfied.A Post-Deductible HRA does not pay any medical expenses; it is restricted to dental and vision expenses.A Post-Deductible HRA can be used to cover any medical expense, at any time of the plan year.20s
- Q6Which of the below statements best (and accurately) describes the main difference between the Health Care FSA and the HRA?The Health Care FSA is portable and the HRA funds are forfeited when a member leaves employment.The Health Care FSA is only for medical expenses and the HRA covers medical, dental and vision expenses.The Health Care FSA is pre-tax and the HRA is post-tax contributions.The Health Care FSA is employee-funded and the HRA is employer-funded.20s
- Q7Phil used his HRA payment card to buy a new kitchen stove which is not considered eligible. He cannot afford to reimburse his HRA for the expense. What will happen if the HRA is not reimbursed?The funds used to purchase the stove will be considered taxable income.Phil will be arrested and prosecuted for fraudulent use of funds.The stove will be repossessed.The remaining HRA funds will be suspended until Jup pays the HRA back for the ineligible expense.20s
- Q8Who determines the account maximum limit or rollover amount allowance?The employeeNo one because there are no limits.The employer, documented in the plan.The IRS20s
- Q9The employer determines all of the provisions listed below except:How much to contribute to the HRAWhether or not to offer an HRAWhich expenses to pay with the HRA dollarsThe maximum amount an employee can keep in his or her HRA.20s
- Q10Limited purpose HRAs acceptably coordinate with HSAs.TRUEFALSE20s
- Q11A participant cannot elect to participate in both the HRA and the Dependent Care FSA; they must pick one or the other.FALSETRUE20s
- Q12Account holders can use their HRA funds to pay for any expense considered eligible by the IRS.FALSETRUE20s
- Q13What type of receipts are acceptable for substantiating an HRA claim?An itemized print out of services rendered by the provider.Cancelled checksNon-itemized cash register receiptsCredit card receipts20s