Which of the following correctly completes this sentence: An HSA is...

Which of the following statements is TRUE about an HSA?

Which of the following statements about HSAs is FALSE?

Select the correct term below that goes with the following definition: A plan that meets the requirements to be labeled HSA-eligible.

Select the correct term below that goes with the following definition: The least amount that the member must pay before the plan begins to cover a portion of qualified medical expenses incurred by the member.

Select the correct term below that goes with the following definition: The most amount that a member can pay in a calendar year before the plan covers all additional qualified expenses incurred by the member.

Select the correct term below that goes with the following definition: The limits imposed on an individual who covers only themselves.

Select the correct term below that goes with the following definition: The limits imposed on those who cover more than one person.

Select the most complete list of the coverage types that CAN work in conjunction with an HSA.

Regarding Medicare, which statement in the list below is TRUE?

What is the maximum amount a member can contribute to an HSA if he or she opened it in the middle of the year?

What happens when an account holder over-contributes to an HSA?

How can an member who accidentally over-contributed to his HSA correct his mistake?

Which THREE states do not recognize HSA contributions as tax-free?

Contributions made through payroll are taken before tax is calculated. After-tax contributions made directly by a member are deductible on the individual’s tax return.

The financial institution that opened the HSA is responsible for collecting and maintaining documentation for IRS purposes, substantiating that medical expenses paid by the member using HSA dollars were qualified.

Because Holly’s health plan does not cover chiropractic visits, she cannot use her HSA money to cover the costs either.

Which statement below most thoroughly defines the requirements that must be met to use HSA money on a tax-free basis?

Which of the following is the most popular method for members to use HSA funds?

Using HSA funds to pay for something other than a QME is NOT subject to a tax penalty if the member meets which of the following conditions?

Which type of interest provides an increased rate for higher account balances?

HSAs allow members to invest money in the market, using pre-selected investment options, typically after the balance of the account has reached a certain dollar amount.

Which of the following are valid reasons why a financial institution would close a member's HSA?