Test: HSA Knowledge 05.22.2024 (employee training)


HSA Knowledge 05.22.2024Versión en línea How much do you know about HSAs? por Wednesday Wisdom 1 All of the following are true for a health savings account EXCEPT: a HSAs are a means to accumulate funds to pay for qualifying health care expenses. b Funds contributed are generally exempt from taxes. c Those who are 65 or older are not HSA eligible. d Not all plans with a high deductible are HSA-compatible. 2 Of the following, who could open and contribute to a health savings account? Choose one or more answers a Mabel, age 65 who is enrolled in an HSA compatible HDHP through her employer and is eligible for Medicare. b Dennis, age 18 who is a college student enrolled in an HSA compatible HDHP, and whose parents claim him as a tax dependent. c Fran, age 38, who is enrolled in an HSA compatible HDHP through her employer and her spouse is enrolled in a non-HDHP plan through his employer. d Gerry, age 47 who is enrolled in EE/Spouse HSA compatible HDHP through his employer and his spouse is enrolled in a health FSA through her employer. 3 Barney enrolled in his employer's HDHP and established an HSA, to which he contributes $100/month. After four years, the account holds $4,000. Barney leaves the employer for another job and his coverage under the HDHP ends. What happens to the $4,000 in the HSA? a The funds belong to Barney; they remain in the HSA under his control. b The funds revert to Barney's ex-employer. c Barney must elect COBRA to continue to be able to have access to the HSA. d The funds belong to Barney, however, he cannot use the funds unless he is enrolled in an HDHP. 4 To qualify for an HSA, an individual must meet all of the following criteria EXCEPT: a have coverage under a qualified HDHP b not be covered by Medicare c be at least 26 years old; no longer eligible to be covered under their parent's medical plan 5 Tana, has a HSA and has contributed to the account for the past two years. This year she enrolls in a non-HDHP plan and her HSA has a $2,000 balance. What happens when Tana is no longer HSA eligible? Choose one or more answers a Tana must include in her income this year $2,000 equal to the balance in her HSA. b Tana can no longer make contributions to the HSA. c Tana has until December 31 to spend the HSA funds on qualified medical expenses, or she will face a 10% penalty on the amount that remains in the account as of year-end. d The HSA funds can continue to be used for qualified medical expenses. e Tana can submit claims for reimbursement only for qualified medical expenses incurred when she was HSA eligible. 6 Debra made a full year's contribution to her HSA based on becoming eligible under the last month rule (i.e., by 12/1). For how long must Debra remain HSA eligible to make a full contribution for any one year? a Until January 30 of the following year. b Until June 1 of the following year. c Until September 30 of the following year. d Until December 31 of the following year. 7 Debin works for BBE Inc who has a non-calendar year plan that renews 12/1 with a health FSA with no carryover or grace period. If Debin was enrolled on BBE's non-HDHP plan from January through November and the health FSA, but for December elects the HDHP and does not elect the employer's FSA (i.e., the HDHP coverage starts 12/1/2024, the new health FSA plan year starts 12/1/2024), the following is true: a Debin is eligible to contribute the full amount for 2024 (i.e., $4,150 for single coverage) to his HSA. b Debin can only contribute 1/12th of the full amount for 2024 (i.e., $4,150/12 = $345.83) for his 1 month of HDHP enrollment. c Debin will be eligible to begin HSA contributions as of January 1, 2025. It's impermissible to have a health FSA and an HSA in the same year. 8 Tyler is enrolled in an HDHP with his employer. The following are true about Tyler's HSA withdrawals (i.e., using the HSA funds): Choose one or more answers a If an HSA withdrawal is taken to pay for a non-qualified medical expense, it's subject to income tax and a 20% penalty if Tyler is younger than 65. b It's a matter of plan design as to what §213(d) medical expenses the employer wants to allow employee's to use their HSA funds on. c An HSA withdrawal may be used to cover §213(d) medical expenses of Tyler's spouse who is enrolled in Medicare. d An HSA withdrawal may be used to cover §213(d) medical expenses only incurred by children enrolled in Tyler's HDHP. (i.e., Tyler would need to have family coverage with his children enrolled).

1

All of the following are true for a health savings account EXCEPT:

a

HSAs are a means to accumulate funds to pay for qualifying health care expenses.

b

Funds contributed are generally exempt from taxes.

c

Those who are 65 or older are not HSA eligible.

d

Not all plans with a high deductible are HSA-compatible.

2

Of the following, who could open and contribute to a health savings account?

Choose one or more answers

a

Mabel, age 65 who is enrolled in an HSA compatible HDHP through her employer and is eligible for Medicare.

b

Dennis, age 18 who is a college student enrolled in an HSA compatible HDHP, and whose parents claim him as a tax dependent.

c

Fran, age 38, who is enrolled in an HSA compatible HDHP through her employer and her spouse is enrolled in a non-HDHP plan through his employer.

d

Gerry, age 47 who is enrolled in EE/Spouse HSA compatible HDHP through his employer and his spouse is enrolled in a health FSA through her employer.

3

Barney enrolled in his employer's HDHP and established an HSA, to which he contributes $100/month. After four years, the account holds $4,000. Barney leaves the employer for another job and his coverage under the HDHP ends. What happens to the $4,000 in the HSA?

a

The funds belong to Barney; they remain in the HSA under his control.

b

The funds revert to Barney's ex-employer.

c

Barney must elect COBRA to continue to be able to have access to the HSA.

d

The funds belong to Barney, however, he cannot use the funds unless he is enrolled in an HDHP.

4

To qualify for an HSA, an individual must meet all of the following criteria EXCEPT:

a

have coverage under a qualified HDHP

b

not be covered by Medicare

c

be at least 26 years old; no longer eligible to be covered under their parent's medical plan

5

Tana, has a HSA and has contributed to the account for the past two years. This year she enrolls in a non-HDHP plan and her HSA has a $2,000 balance. What happens when Tana is no longer HSA eligible?

Choose one or more answers

a

Tana must include in her income this year $2,000 equal to the balance in her HSA.

b

Tana can no longer make contributions to the HSA.

c

Tana has until December 31 to spend the HSA funds on qualified medical expenses, or she will face a 10% penalty on the amount that remains in the account as of year-end.

d

The HSA funds can continue to be used for qualified medical expenses.

e

Tana can submit claims for reimbursement only for qualified medical expenses incurred when she was HSA eligible.

6

Debra made a full year's contribution to her HSA based on becoming eligible under the last month rule (i.e., by 12/1). For how long must Debra remain HSA eligible to make a full contribution for any one year?

a

Until January 30 of the following year.

b

Until June 1 of the following year.

c

Until September 30 of the following year.

d

Until December 31 of the following year.

7

Debin works for BBE Inc who has a non-calendar year plan that renews 12/1 with a health FSA with no carryover or grace period. If Debin was enrolled on BBE's non-HDHP plan from January through November and the health FSA, but for December elects the HDHP and does not elect the employer's FSA (i.e., the HDHP coverage starts 12/1/2024, the new health FSA plan year starts 12/1/2024), the following is true:

a

Debin is eligible to contribute the full amount for 2024 (i.e., $4,150 for single coverage) to his HSA.

b

Debin can only contribute 1/12th of the full amount for 2024 (i.e., $4,150/12 = $345.83) for his 1 month of HDHP enrollment.

c

Debin will be eligible to begin HSA contributions as of January 1, 2025. It's impermissible to have a health FSA and an HSA in the same year.

8

Tyler is enrolled in an HDHP with his employer. The following are true about Tyler's HSA withdrawals (i.e., using the HSA funds):

Choose one or more answers

a

If an HSA withdrawal is taken to pay for a non-qualified medical expense, it's subject to income tax and a 20% penalty if Tyler is younger than 65.

b

It's a matter of plan design as to what §213(d) medical expenses the employer wants to allow employee's to use their HSA funds on.

c

An HSA withdrawal may be used to cover §213(d) medical expenses of Tyler's spouse who is enrolled in Medicare.

d

An HSA withdrawal may be used to cover §213(d) medical expenses only incurred by children enrolled in Tyler's HDHP. (i.e., Tyler would need to have family coverage with his children enrolled).

HSA Knowledge 05.22.2024

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HSA Knowledge 05.22.2024

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HSA Knowledge 05.22.2024Versión en línea

por Wednesday Wisdom

All of the following are true for a health savings account EXCEPT:

Of the following, who could open and contribute to a health savings account?

Choose one or more answers

Barney enrolled in his employer's HDHP and established an HSA, to which he contributes $100/month. After four years, the account holds $4,000. Barney leaves the employer for another job and his coverage under the HDHP ends. What happens to the $4,000 in the HSA?

To qualify for an HSA, an individual must meet all of the following criteria EXCEPT:

Tana, has a HSA and has contributed to the account for the past two years. This year she enrolls in a non-HDHP plan and her HSA has a $2,000 balance. What happens when Tana is no longer HSA eligible?

Choose one or more answers

Debra made a full year's contribution to her HSA based on becoming eligible under the last month rule (i.e., by 12/1). For how long must Debra remain HSA eligible to make a full contribution for any one year?

Tyler is enrolled in an HDHP with his employer. The following are true about Tyler's HSA withdrawals (i.e., using the HSA funds):

Choose one or more answers