Question 1

In what ways can BenefitWallet receive HSA enrollments? Select the most complete answer.

Accepted Answer

From a participant as an independent enrollment; From an employer as part of a file; From a health plan as an individual enrollment

Answer

From a participant as an independent enrollment;  From BNY Mellon as part of a back file

Answer

From the IRS as part of an audit; From BNY Mellon as part of a back file

Answer

From a participant as an independent enrollment; from the IRS as part of an audit.

Question 2

True or False: To be eligible to open and contribute to an HSA you can not be covered by any medical benefit that exceeds the requirements of an HSA-eligible HDHP, such as a PPO plan or an FSA.

Accepted Answer

TRUE

Answer

FALSE

Question 3

True or False: To be eligible to open and contribute to an HSA you MUST be enrolled in an HSA-eligible to HDHP.

Accepted Answer

TRUE

Answer

FALSE

Question 4

True or False: To be eligible to open and contribute to an HSA you can not utilize Veterans Benefits within the last year.

Accepted Answer

FALSE

Answer

TRUE

Question 5

True or False: To be eligible to open and contribute to an HSA you can not be enrolled in Medicare

Accepted Answer

TRUE

Answer

FALSE

Question 6

True or False: To be eligible to open and contribute to an HSA you can not be enrolled in Vision or Dental benefits.

Accepted Answer

FALSE

Answer

TRUE

Question 7

True or False: To be eligible to open and contribute to an HSA you must be a minimum age of 25.

Accepted Answer

FALSE

Answer

TRUE

Question 8

True or False: Employers and health plans can require a participant to open an HSA with a specific financial institution.

Accepted Answer

FALSE

Answer

TRUE

Question 9

Michael signed up for the HDHP as a new hire with his employer, who sent his HSA enrollment request over to BenefitWallet. What is the first communication Michael can expect from us?

Accepted Answer

A welcome kit

Answer

A debit card

Answer

A disclaimer packet

Answer

A checkbook

Question 10

Who is responsible for ensuring that married couples who each have their own HSA with BenefitWallet do not exceed the total annual contribution limit between them?

Accepted Answer

The married couple

Answer

BenefitWallet

Answer

The health plan

Answer

BNY Mellon

Question 11

Of the items listed below, which one is not an action that can be completed on the website?

Accepted Answer

The ability to request a fee waiver.

Answer

The ability to view/download a Welcome kit.

Answer

The ability to view/download forms in Spanish.

Answer

The ability to view tax forms.

Question 12

True or False:  Patriot Act/CIP screening seeks to verify the  social security number of the account holder.

Accepted Answer

TRUE

Answer

FALSE

Question 13

True or False:  Patriot Act/CIP screening seeks to verify the name of the account holder

Accepted Answer

TRUE

Answer

FALSE

Question 14

True or False:  Patriot Act/CIP screening seeks to verify the date of birth of the account holder.

Accepted Answer

TRUE

Answer

FALSE

Question 15

True or False:  Patriot Act/CIP screening seeks to verify the residential address for the account holder.

Accepted Answer

TRUE

Answer

FALSE

Question 16

True or False:  Patriot Act/CIP screening seeks to verify the health plan coverage of the account holder.

Accepted Answer

FALSE

Answer

TRUE

Question 17

True or False:  Patriot Act/CIP screening seeks to verify the employee ID of the account holder.

Accepted Answer

FALSE

Answer

TRUE

Question 18

True or False:  Patriot Act/CIP screening seeks to verify email address of the account holder.

Accepted Answer

FALSE

Answer

TRUE

Question 19

True or False:  Patriot Act/CIP screening seeks to verify marital status of the account holder.

Accepted Answer

FALSE

Answer

TRUE

Question 20

How does a member obtain a checkbook?

Accepted Answer

By request through the Master Signature Card

Answer

By calling BNY Mellon and requesting one after the account is open

Answer

By calling BenefitWallet and requesting one after completing the electronic signature
process

Answer

By request through the electronic signature process

Question 21

What happens to funds in the HSA after an account is closed due to the escheatment process?

Accepted Answer

Sent to the state in which the member resides

Answer

Returned to the employer

Answer

Mailed to the member

Answer

Returned to the health plan

Question 22

What THREE of the criteria listed below must be met for a debit card transaction to be approved?

Accepted Answer

Funds must be in the account; Transaction must meet merchant code requirements; Debit card must be activated

Answer

Transaction must meet merchant code requirements; Debit card must be activated; Member must sign for the transaction;

Answer

Member must sign for the transaction; Funds must be in the account; Debit card must be activated

Answer

Member must sign for the transaction; Member must show driver’s license to the merchant; Funds must be in the account

Question 23

Which of the following TWO types of expenses are specifically listed as non-qualified
expenses in IRS Publication 502?

Accepted Answer

Swimming Lessons; Teeth Whitening

Answer

Eye glasses; Contact Lenses

Answer

Acupuncture; Chiropractic

Answer

Teeth Whitening; Acupuncture

Question 24

Which of the following Account Status types indicate that we have not yet received a signature?

Accepted Answer

Frozen pending signature

Answer

Open

Answer

Closed

Answer

Frozen pending effective date

Question 25

Why is the Establishment Date of an HSA important to a member?

Accepted Answer

Expenses incurred before the HSA is established are not considered eligible expenses for payment or reimbursement.

Answer

Expenses from before the Establishment Date can be reimbursed from the HSA, but are subject to tax.

Answer

Expenses that occur before the Establishment Date can only be reimbursed at 50% of the out-of-pocket cost.

Answer

The date the account is established determines what interest rate the member earns.

Question 26

True or False: Eligibility requirements to both open an HSA and make ongoing contributions to an HSA are the same.

Accepted Answer

TRUE

Answer

FALSE

Question 27

The Signature at Enrollment (or Automatic Account Opening) feature brings which two events together?

Accepted Answer

Enrollment and account opening

Answer

Enrollment and investments

Answer

Enrollment and checkbook request

Answer

Enrollment and contributions

Question 28

True or False:  A merchant code that is not on the listing of approved codes may be a reason  why a member reports that a debit card isn't working at point of sale.

Accepted Answer

TRUE

Answer

FALSE

Question 29

True or False:  Available balance that is not sufficient to approve this transaction may be a reason  why a member reports that a debit card isn't working at point of sale.

Accepted Answer

TRUE

Answer

FALSE

Question 30

True or False:  Daily limit has been reached or exceeded with a transaction may be a reason  why a member reports that a debit card isn't working at point of sale.

Accepted Answer

TRUE

Answer

FALSE

Question 31

True or False:  A card that has been activated  may be a reason  why a member reports that a debit card isn't working at point of sale.

Accepted Answer

FALSE

Answer

TRUE

Question 32

True or False: An account that has sufficient funding  may be a reason  why a member reports that a debit card isn't working at point of sale.

Accepted Answer

FALSE

Answer

TRUE

Question 33

What three payment methods are available to an HSA member?

Accepted Answer

Checkbook; Debit Card; Online payment/reimbursement tool

Answer

Online payment/reimbursement tool; Paycheck deductions; Debit Card

Answer

Debit cards; Employer direct payment; Checkbook

Answer

Checkbook; Paycheck Deductions; Employer direct payment

Question 34

True or False: HSA contributions made on the website are included in the annual maximum contribution amount and are reported on Form 5498SA.

Accepted Answer

TRUE

Answer

FALSE

Question 35

Opening an HSA electronically on the website provides the member an opportunity to review and update most of the personal information used in CIP screening. Which one in the list below cannot be updated when opening the HSA through the website?

Accepted Answer

Social security number

Answer

Address

Answer

Date of birth

Answer

First and last name

Question 36

How often can HSA to HSA rollovers can be initiated?

Accepted Answer

Once per 12 month period

Answer

At any time with no restriction

Answer

Once per 24 month period

Answer

Once in a lifetime

Question 37

True or False: HSA to HSA rollovers count toward the member's annual maximum
contribution limit.

Accepted Answer

FALSE

Answer

TRUE

Question 38

True or False: When opening an HSA, the member needs to provide a physical mailing address if the original mailing address is a PO Box.

Accepted Answer

TRUE

Answer

FALSE

Question 39

How far back can HSA members view electronic statements on the website?

Accepted Answer

As early as January 2008, if the account was open then

Answer

24 months back from current month

Answer

As early as January 2006, if the account was open then

Answer

12 months back from current month

Question 40

The deadline to make contributions for the current plan year is what date?

Accepted Answer

April tax filing deadline of the next plan year

Answer

January 31 of the next plan year

Answer

December 31 of the current plan year

Answer

Any date prior to when the member files next year’s federal taxes

Question 41

Mr. Jos was eligible to contribute to his HSA on 1/1 of this year, but lost eligibility when he left his job on  11/7. To calculate his prorated annual contribution amount, how many months should Mr. Jos use as eligible months?

Accepted Answer

11

Answer

0

Answer

10

Answer

12

Question 42

How old must a member be, to be eligible to contribute the additional $1,000 in catch-up contribution each year?

Accepted Answer

55

Answer

70

Answer

60

Answer

65

Question 43

How often can a member complete a trustee-to-trustee transfer?

Accepted Answer

As often as the member requests

Answer

Once every 24 month period

Answer

Once every 12 month period

Answer

Once in a lifetime

Question 44

When does escheatment occur?

Accepted Answer

When the custodian has not had contact with the member for more than the minimum
time as specified by the state.

Answer

When the custodian has not had contact with the member for 12 months.

Answer

When the account balance has remained at zero for 6 months.

Answer

When the account remains with a negative balance for 6 months.

Question 45

How often can members complete IRA to HSA transfers?

Accepted Answer

Once in a lifetime

Answer

Whenever the member requests

Answer

Once every 24 month period

Answer

Once every 12 month period

Question 46

From the date it is issued, what is the expiration time frame for the BTS debit card?

Accepted Answer

4 years

Answer

Debit Cards do not expire

Answer

10 years

Answer

5 years

Question 47

Which of the following make an individual ineligible to open and/or contribute to an HSA?

Accepted Answer

Subscribing to Medicare; Secondary medical coverage with a low deductible;  Having a spouse's General Purpose HC FSE that can be used to cover the member's medical expenses.

Answer

Subscribing to Medicare and having Vision coverage

Answer

Having a spouse's General Purpose HC FSE that can be used to cover the member's medical expenses; Having  accident coverage

Answer

Secondary medical coverage with a low deductible; Having Dental Coverage

Question 48

True or False: Upon a member's passing, spouse beneficiaries have the right to keep an
HSA and change ownership of the account to their name.

Accepted Answer

TRUE

Answer

FALSE

Question 49

True or False: HSA contributions, investment earnings, and qualified distributions are always exempt from state tax.

Accepted Answer

FALSE

Answer

TRUE

Question 50

To request re-opening of an account originally closed by member request, what must the member do?

Accepted Answer

Submit the Request to Re-Open Closed Account Form along with a new Master Signature Card.

Answer

Nothing, since the account will not be re-opened.

Answer

Submit a signed and notarized letter along with a new Master Signature Card.

Answer

Complete the electronic signature process online.

Question 51

Mr. Bradley accidentally paid for his oil change using his HSA debit card. He needs to pay back his HSA to avoid penalties for using those funds on an invalid expense. What should he note on the deposit slip to indicate this, when he submits the repayment?

Accepted Answer

Return of Incorrect Distribution

Answer

Contribution

Answer

Deposit

Answer

Request for Return of Excess Contribution

Question 52

How often are statements generated for members who regularly contribute and take payment from their accounts?

Accepted Answer

Monthly

Answer

Weekly

Answer

Quarterly

Answer

Annually

Question 53

A 5498SA reports what kinds of transactions to the members for tax purposes?

Accepted Answer

All types of contributions

Answer

Contributions in excess of the annual limit

Answer

Employer contributions

Answer

Member contributions

Question 54

Andrew called because he was having trouble logging into the website. He stated this was his first time logging into the website but did not know his password. What would you advise him to use as his default password?

Accepted Answer

The password is his social security number.

Answer

The password is nine 9s.

Answer

The password is his date of birth.

Answer

The password is his mother’s maiden name.

Question 55

How often are investment statements made available to members?

Accepted Answer

Quarterly

Answer

Monthly

Answer

Weekly

Answer

Annually

Question 56

True or False: Any distribution made using the website does not get included in the total amount listed on the 1099-SA.

Accepted Answer

FALSE

Answer

TRUE

Question 57

If a member is asked to return funds for overdraft, how must they submit the funds?

Accepted Answer

A cashier’s check or money order

Answer

A wire into their personal HSA account

Answer

A personal check

Answer

An ACH into their personal HSA account

Question 58

True or False: Alternate contacts do not have to be authenticated when calling for the participant.

Accepted Answer

FALSE

Answer

TRUE

Question 59

True or False: BenefitWallet sends out all Welcome kits; a full kit for those who need to open their HSAs, and a skinny version for those who opened their HSAs through Signature at Enrollment/Automatic Account Opening processes.

Accepted Answer

TRUE

Answer

FALSE

Question 60

Where can member update their email addresses on the website?

Accepted Answer

My Account>My Profile

Answer

Member Services>My Profile

Answer

Home>My Account

Answer

Help & Tools>Forms and Documents

Question 61

Which of the statements below is NOT true about security codes?

Accepted Answer

The same security code can be used more than once.

Answer

The security code is only valid during that web session.

Answer

The security code is emailed to the address on file.

Answer

The security code can be heard on the IVR.

Question 62

Of the contribution types listed below, which one can be submitted as an electronic
deposit?

Accepted Answer

Regular Contribution

Answer

Return of Incorrect Distribution

Answer

Rollover

Answer

Trustee Transfer

Question 63

True or False: A member cannot open an additional HSA at another approved financial
institution.

Accepted Answer

FALSE

Answer

TRUE

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