High Deductible Health Plans and Health Savings Accounts Questions with Answers,100% CORRECT

Document Content and Description Below

High Deductible Health Plans and Health Savings Accounts Questions with Answers m h problem.... - CORRECT ANSWER you need a way to keep customer motivated not to overspend on healthcare... t ... he answer is - CORRECT ANSWER high deductibles "out of pocket limit" is combo of - CORRECT ANSWER deductible, coinsurance, and caps the purpose of percentage participation clause is to prevent _________________ of benefits and to help keep ____________________________ - CORRECT ANSWER overuse, premiums lower -Use ______ to pay for routine expenses (up to your deductible!) -Once you meet deductible, your traditional, ____________ begins to pay -Use _______ for yourself, your spouse, and your children -Use ______ to save for future expenses - CORRECT ANSWER hsa, hdhp, hsa, hsa what are the two plans working together in health savings account? - CORRECT ANSWER savings account, hdhp ______ is a personalized health plan because you can tailor your ______________ to fit your needs - CORRECT ANSWER HSA, spending HSA= - CORRECT ANSWER deductible HDHP pays its _____________ of costs - CORRECT ANSWER share HSA pays for ________________ medical expenses HDHP, also reffered to as _____________ or _____________________, pays for _________________ expenses (above deductible amount) - the law is designed so you can put roughly the amount of your ______________ in an HSA - CORRECT ANSWER day to day, catastrophic insurance, major medical, major, deductible ___________+_____________ = ________________ - CORRECT ANSWER health plan, health savings account, health plans plus HSA as long as HSA funds are used for qualified medical expenses, the money is _______________. The HDHP and the HSA are an effective tool to manage the __________________ of healthcare - CORRECT ANSWER not taxed, rising costs health care providers have incentive to lower rates due to a _______________________ environment - CORRECT ANSWER more competitive what is the intent of high deductible health plan and HSA? (2) -unspent funds roll over every year -employers are not required, but are able to contribute - account earns interest and offers investment options -account goes with you if you leave the employer -able to save funds for retirement medical expenses, including premiums -over 36% of 2809 employers offered an HDHP (up 20%) in earlier years - CORRECT ANSWER savings feature, prevalence of plans withdrawls, account management, contributions - CORRECT ANSWER HSA out of pocket maximum, coinsurance, deductible, preventative care - CORRECT ANSWER HDHP preventive care is covered by an HDHP at ______ - CORRECT ANSWER 100% ____________________ expenses apply toward your deductible (where you have to get before the plan goes into effect) -once you reach your out of pocket maximum, the plan covers ________________ for the remainder of the plan year - CORRECT ANSWER preventative care, 100% Annual exams, routine prenatal and well-chid care, and child/adult immunizations -preventative screening services (non diagnostic) -eligible preventative medications (asthma, heart disease, and stroke) - CORRECT ANSWER What is an HSA -a ________________ account - offers __________ adavantages and allows savings to build over time -available with _____________ only - ______________ access with debit card - CORRECT ANSWER bank, tax, HDHP, convenient HSA contributions -contribution limits are set each year - irs contrib limit= 3400/6750 -employer contrib= 700/1300 - contributions are deposited pre tax and available for use on or after each pay date - CORRECT ANSWER for the employwer to offer an HSA with a HDHP, certain IRS rules apply.... -higher deductible and out of pcket maximum with lower premiums than trad. plans -minimum deductibles = 1300/2600 -out of pocket maximum= 6550/ 13100 -deductibles and copaymetns coutn toward out of ppocket maximumbut premiums DONT -medical and prescription exenses are combined toward one deductible and out of pocket maximum -offer preventative car and ceratin preventative medications at no cost - CORRECT ANSWER to participate in HSA... you must be covered under a __________- you ___________ be covered by any non-HDHP plan in addition to your HDHP plan -if you elect an HSA, your spouse cant have a health care FSA -you cant be claimed as a dependent on someone else's tax return - CORRECT ANSWER if funds are withdrawn for anything other than a qualified medical expense prior to retirement, you are subject to taxes plus a 20% tax penalty - CORRECT ANSWER [Show More]

Last updated: 2 years ago

Preview 1 out of 4 pages