HSA, FSA, & HRA 17 Questions with Verified Answers
cafeteria plans - CORRECT ANSWER Allow employees to pick and choose from a "menu" of benefits on a pre-tax basis. (also called 125 plans) Include health insurance,
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HSA, FSA, & HRA 17 Questions with Verified Answers
cafeteria plans - CORRECT ANSWER Allow employees to pick and choose from a "menu" of benefits on a pre-tax basis. (also called 125 plans) Include health insurance, group term life, and flexible spending accounts
flexible spending accounts - CORRECT ANSWER Allow employees to pay for out-of-pocket expenses that aren't covered by insurance which may include annual deductibles, office co-pays, prescriptions, dental and vision expenses, and hearing aids/exams. Use it or lose it
health flexible spending account (medical spending account) - CORRECT ANSWER An FSA designed to reimburse qualifying medical care expenses
limited health flexible spending account - CORRECT ANSWER An FSA designed to reimburse dental & vision expenses. Usually paired with an HSA
dependent care account - CORRECT ANSWER An FSA designed to reimburse qualifying daycare (under age 13) and dependent care expenses
FSA grace period - CORRECT ANSWER A time period of up to 2 months & 15 days after the plan year ends where incurred eligible expenses can be reimbursed
FSA run-out period - CORRECT ANSWER A time period at the end of the plan year where employees are allowed to submit claims for services incurred during the plan year
health savings account - CORRECT ANSWER Employee-owned & tax-advantaged account which the employee may use for qualified medical expenses. Used in conjuction with a high deductible health plan. Rolls over from year to year
health reimbursement arrangement - CORRECT ANSWER Employer-owned & -funded account which the employee may use for employer defined eligible expenses. Excluded from the employee's gross income.
TRIP / commuter program - CORRECT ANSWER Incentive program that allows employees to use pretax dollars to pay for commuting costs to include parking, transit expenses, and some expenses related to bicycling
Health Savings Account - CORRECT ANSWER Designed to help individuals save for qualified health expenses that they, their spouse, or their dependents incur. Someone covered by a high deductible health plan can make a tax-deductible contribution to an HSA and use it to pay for out-of-pocket medical expenses.
Are employer contributions into an HSA included into an individual's taxable income? - CORRECT ANSWER No
A HSA holder under age 55 who uses the money for a nonhealth expenditure will.... - CORRECT ANSWER Pay tax plus a 20% penalty. Over age 65 they will pay tax but no penalty
Healthy New York Program - CORRECT ANSWER Was created to make standardized, comprehensive, and affordable health insurance coverage available to small businesses(small employers 1-50 employees)
To qualify for Healthy New York... - CORRECT ANSWER -1-50 eligible employees
-Have 30% of employees work more than20hrs per week earn 41,250 a year or less
-Not have provided group health insurance coverage to its employees for at least 12 months or have provided limited coverage only
Healthy New York is extended to.. - CORRECT ANSWER Employees including business owners
Employees same and opposite sex spouses, if residing in the same household
Employees children to age 26
Healthy New York MAY NOT BE SUBJECT TO ANY PRE-EXISTING CONDITION LIMITATIONS in a qualifying group health insurance contract - CORRECT ANSWER
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