Module 2 Intro to HSA
Quiz by Jody McNelis
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23 questions
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- Q1Which of the following correctly completes this sentence: An HSA is...... a non-portable account and is a provision of the USA Patriot Act.... the same thing as an HC FSA that is a tax-advantaged way to save for current and future medical expenses..... a portable account that is employer owned and funded....a portable account that is individually owned and a provision of the Medicare Act of 2003.30s
- Q2Which of the following statements is TRUE about an HSA?If a member loses eligibility to make HSA contributions, he or she can still use the funds already saved in the HSA for eligible medical expenses.All of these statements are true about HSAsTo be eligible to open an HSA, an individual must be enrolled in a qualified High Deductible Health Plan.The establishment date of an HSA is important because expenses incurred on or after the establishment date are eligible for payment or reimbursement from the HSA; expenses incurred beforehand are not eligible.30s
- Q3Which of the following statements about HSAs is FALSE?Once eligibility criteria are met and the HSA is open, the member is always eligible to contribute money to the account until the end of their lifetime.Employer contributions count toward the member's annual contribution limit.Dependents claimed on another individual’s tax return are not eligible to open an HSA.Members are eligible to contribute an additional $1,000 each year in catch up contributions if they are age 55 or older.30s
- Q4Select the correct term below that goes with the following definition: A plan that meets the requirements to be labeled HSA-eligible.Qualified High Deductible Health PlanMinimum DeductibleMaximum Out-of-PocketSelf-Only30s
- Q5Select 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.Minimum DeductibleFamilyQualified High Deductible Health PlanMaximum Out-of-Pocket30s
- Q6Select 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.Minimum DeductibleFamilyMaximum Out-of-Pocket MaximumSelf-Only30s
- Q7Select the correct term below that goes with the following definition: The limits imposed on an individual who covers only themselves.Minimum DeductibleFamilySelf-OnlyMaximum Out-of-Pocket30s
- Q8Select the correct term below that goes with the following definition: The limits imposed on those who cover more than one person.Minimum DeductibleMaximum Out-of-PocketSelf-OnlyFamily30s
- Q9Select the most complete list of the coverage types that CAN work in conjunction with an HSA.Dental, Vision, Limited Purpose FSA, Cancer Insurance.General Purpose Health Care FSALife Insurance / Accidental Death and Dismemberment coverage ONLYDental and Vision insurance coverage ONLY30s
- Q10Regarding Medicare, which statement in the list below is TRUE?Having Medicare coverage is acceptable, but having a Medicare supplemental plan makes a member ineligible to open or contribute to an HSA.A member can only have Medicare part A coverage in coordination with the HSA; any other Medicare coverage makes the member ineligible to open or contribute to an HSA.Having any Medicare coverage makes the member ineligible to open and contribute to an HSA.There are no restrictions on having both Medicare coverage and an HSA.30s
- Q11What is the maximum amount a member can contribute to an HSA if he or she opened it in the middle of the year?The member can only contribute an amount decided on by the employer.The member cannot make contributions to the account until January 1 of the next year.The member can contribute a flat $1,000 for the partial year.The member can contribute the full annual limit, but must meet the testing period requirements by maintaining eligibility for the next full calendar year.30s
- Q12What happens when an account holder over-contributes to an HSA?The member is immediately flagged for IRS audit.The funds are deducted from the account and forfeited at the end of the calendar year.The funds are treated as taxable, counted towards gross income for the year, and are subject to a tax penalty.The amount the member can contribute for the following year is reduced by the amount that was over-contributed this year.30s
- Q13How can an member who accidentally over-contributed to his HSA correct his mistake?He can appeal to the financial institution for forgiveness.He can forfeit the funds in excess of his limit, which will revert to state ownership.He can follow his institution’s process to withdraw excess funds before the tax deadline.He cannot correct the mistake and must pay the consequences.30s
- Q14Which THREE states do not recognize HSA contributions as tax-free?Alaska, Arizona, and New YorkNew York, Colorado, and AlabamaNew Jersey, California, and AlabamaNew Jersey, Alaska and New Hampshire30s
- Q15Contributions 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.FALSETRUE30s