Health Care > EXAM > HSA (Health Savings Account) 21 Questions with Answers,100% CORRECT (All)

HSA (Health Savings Account) 21 Questions with Answers,100% CORRECT

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HSA (Health Savings Account) 21 Questions with Answers HSA - CORRECT ANSWER Health Savings Account HSA funds - CORRECT ANSWER *Unused funds carry over & election can be changed/ stopped at any... time *Funds are portable HSA reimbursements - CORRECT ANSWER Debit card, Pay Me or Pay My Provider reimbursments. HSA 2016 IRS limit - CORRECT ANSWER $3,350 Individual $6,750 Family HSA 2017 IRS Individual limit - CORRECT ANSWER $3,400 HSA catch-up - CORRECT ANSWER $1000 HSA catch-up age is... - CORRECT ANSWER 55 years or older HSA requires a ______ plan... - CORRECT ANSWER HDHP HSA can be funded by... - CORRECT ANSWER Employee and Employer HSA account owner... - CORRECT ANSWER Employee Health Savings Account allows employees to... - CORRECT ANSWER pay for current/future medical expenses tax-free. HSA Eligibility Requirements - CORRECT ANSWER Must have HSA qualified health coverage (Deductibles of $1,300+ Single/ $2,600+ Family) HSA Eligible Expenses - CORRECT ANSWER Medical, Dental, Vision, Medicare, LTC premiums, Health insurance, Premiums (at age 65), COBRA. Does HSA Reduce Insurance? - CORRECT ANSWER Yes Does HSA reduce OOP expenses? - CORRECT ANSWER Yes HSA Employer Tax Savings - CORRECT ANSWER Contributions are tax deductible in the year the contribution is made. HSA Employee Tax Savings - CORRECT ANSWER Contributions can be pre-tax or tax deductible on the employee's personal tax return. Reimbursements for qualified medical expenses are excluded from income. HSA Portability after termination - CORRECT ANSWER Yes HSA owner of unused funds - CORRECT ANSWER Employee HSA Earnings/ Investments - CORRECT ANSWER *Interest paid and investments allowed. *Earnings grow tax free. HSA Cross-Compatibility - CORRECT ANSWER Limited purpose (n/a to Oasis Sponsored Clients) or Post Deductible FSA or HRA. [Show More]

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