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Module 7 Closing & Reopening Accounts

Quiz by Jody McNelis

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9 questions
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  • Q1
    Shortly after opening her HSA, Robin moved to a new apartment. A few days later she received a letter from the BNY Mellon requesting proof of her residential address. Robin updated her address with her health plan and threw out the letter, thinking that would resolve the discrepancy. Robin received second and third letters and, assuming that there was a delay in processing her new address, she tossed those out too. What is going to happen to Robin's account?
    Her account will be closed because she did not respond to the requests for information.
    Her account will remain open and she will not receive any more requests.
    Her account will remain open for one year.
    Her new address will be submitted to the Bank of New York Mellon and she will not have to provide the requested documentation.
  • Q2
    If an account was closed due to escheatment, what two documents must a member return to reopen their account?
    A letter of request and a reopen account form
    A letter of request and a new MSC
    A new MSC and a copy of the driver’s license
    A reopen account form and a new MSC
  • Q3
    True or False: For accounts closed due to overdraft, paying back the overdraft balance guarantees that the member can reopen the account.
  • Q4
    True or False: After an HSA is closed, the debit card remains active for 90 days.
  • Q5
    When the member dies, the funds in the HSA can be disbursed/transferred to all of the following EXCEPT which one?
    The estate
    The spouse
    The beneficiaries on file
    The employer
  • Q6
    In what TWO ways can previous members with closed HSAs obtain copies of their 1099 SAs?
    On the BenefitWallet website and by submitting a written request along with a check for $ per copy requested.
    By calling BenefitWallet and by requesting on from their employer or health plan.
    On the BenefitWallet website and by calling the IRS
    By submitting a written request along with a check for $ per copy requested and by calling BenefitWallet.
  • Q7
    Which statement is NOT true about the escheatment process?
    Funds of all accounts closed for escheatment are turned over to the state of Massachusetts.
    Members are advised by letter that their HSA is about to be escheated.
    Accounts closed for Escheatment are identified as Closed – ES.
    Funds of accounts closed for escheatment are turned over to the member’s state of residence.
  • Q8
    You are researching why a member’s HSA was previously closed and you see a reason code in BWS of TR. What does TR mean?
    Member requested an individual transfer of his/her HSA funds to another custodian.
    Funds were transferred out as part of an employer group’s transfer.
    Member’s account was closed for not passing CIP screening.
    Member’s account was closed due to an invalid transaction resulting in a negative balance.
  • Q9
    Mr. Donaldson needs to close out his HSA. He has $500 in his account right now, and wants us to zero out his account and issue him a check for the remainder by mail. After the fee is deducted, how much will Mr. Donaldson receive?

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