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Module 4: Contributions

Quiz by Jody McNelis

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20 questions
Show answers
  • Q1
    Who can make contributions on behalf of an member to an HSA?
    Anyone
    Only the Employer
    Only the Employer and Employee.
    Only the Employee
    30s
  • Q2
    In what ways can members make contributions to an HSA?
    Through wire transfer
    Only via payroll deductions
    Through payroll deduction; By writing a check; By ACH from their bank; Via the BenefitWallet website.
    Members are NOT allowed to make contributions. Only the employer can make contributions.
    30s
  • Q3
    To make a contribution by ACH to the HSA with BNY Mellon, what information does the member need to provide to their bank?
    The name on the HSA; The HSA account number; BNY Mellon’s address; The HSA routing number
    The SSN; Birth Certificate; Current HSA account balance.
    You only need the HSA routing number
    The HSA debit card number and the BenefitWallet address
    30s
  • Q4
    To make a contribution by check to the HSA, what should the member mail along with it?
    A distribution form
    A notarized letter
    A contribution form
    A deposit slip
    30s
  • Q5
    True or False: Contributions to an HSA made by a spouse do not count toward the member's annual maximum contribution limit.
    TRUE
    FALSE
    30s
  • Q6
    How much is the catch-up contribution for this year?
    $10,000
    $900
    $2,000
    $1,000
    30s
  • Q7
    At what age is an member eligible to begin contributing the additional catch-up contribution?
    55
    50
    59 1/2
    65
    30s
  • Q8
    What is the name of the rule allowing a member to make the full annual contribution, without tax penalty, to HSAs opened on or before December 1 of the current year, so long as eligibility is retained for the entire following year?
    The Prior Year rule
    The Full Contribution rule
    The Last Month rule
    The Partial Year rule
    30s
  • Q9
    True or False: All members must pay taxes on the interest accrued in the HSA.
    FALSE
    TRUE
    30s
  • Q10
    Paul has HDHP coverage from January 20 through September 25 of the same year. For the purpose of prorating his HSA contribution limit for the year, how many months does Paul have HSA-eligible coverage?
    9
    7
    8
    12
    30s
  • Q11
    True or False: Transferring funds from one HSA to another HSA counts against the member's annual maximum limit.
    FALSE
    TRUE
    30s
  • Q12
    True or False: Rolling funds over from an IRA to an HSA counts against the member's annual maximum limit.
    TRUE
    FALSE
    30s
  • Q13
    When married couples each have an HSA account, which TWO of the following statements regarding the maximum annual contribution apply?
    1: If one person is eligible for catch-up contributions, the additional funds must be placed in the eligible member's HSA and cannot be split between the two accounts. 2: Each individual can contribute up to the individual annual contribution limit to their own HSA.
    1: Each individual can contribute up to the family annual contribution limit to their own HSA. 2: Each individual can contribute up to the individual annual contribution limit to their own HSA.
    1: The maximum contribution limit applies to the sum of annual contributions to both accounts. 2: If one person is eligible for catch-up contributions, the additional funds must be placed in the eligible member's HSA and cannot be split between the two accounts.
    1: Each individual can contribute up to the individual annual contribution limit to their own HSA. 2: The maximum contribution limit applies to the sum of annual contributions to both accounts.
    30s
  • Q14
    What is the final deadline by which participants can make contributions to an HSA for the current plan year?
    January 1st of the following year
    May 31st of the current year
    December 31st of the current year
    April 15th (or the tax deadline) of the following year
    30s
  • Q15
    Lindsey wants to make a contribution to her HSA for the prior year. How can she submit that contribution so it is applied correctly?
    In person through BNY Mellon
    By check
    Through the BenefitWallet website
    By ACH
    30s

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