HSAs, HRAs, FSAs (ID A/H/S)

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Question 1 of 6

1. Question

Who can contribute money to a health savings account (HSA)?

Only the worker's employer

Only the worker

The worker and/or the worker's employer

The insurer that provides group health insurance for a worker

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Question 2 of 6

2. Question

Withdrawals from a health savings account (HSA) are not taxed, as long as

not more than $5000 is withdrawn in a specific year.

the money is NOT used to pay for qualified medical expenses of the employee or the employee’s family.

the employee paid tax on the money when it was deposited.

the money is used to pay for qualified medical expenses of the employee or the employee’s family.

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Question 3 of 6

3. Question

Which of the following statements is NOT true about health savings accounts (HSA)?

Withdrawals from the account are not taxed, as long as the money is used to pay for qualified medical expenses of the employee or the employee’s family.

The account is owned and controlled by the individual's employer.

Money withdrawn from the account that is not used to pay for qualified medical expenses is subject to income tax; if before age 65, an additional 20% penalty is imposed.

Any unused amount deposited in a particular year can be carried over to the following years.

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Question 4 of 6

4. Question

Who is allowed to contribute money to a health reimbursement account (HRA)?

The worker's employer only

The worker only

The worker's employer and the worker

The insurer that provides group health insurance for the worker

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Question 5 of 6

5. Question

Which of the following statements is NOT true about a health reimbursement account (HRA)?

The account is owned and controlled by the employer.

Withdrawals from the account are not taxed; withdrawn money must be used to pay for qualified medical expenses of the employee or the employee’s family.

The employer can decide if any unused amount deposited in a particular year can be carried over to the following years.

Only the worker is allowed to contribute to the account; employers are not allowed to contribute to the account.

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Question 6 of 6

6. Question

Which of the following statements is NOT true about a flexible spending account (FSA)?

An FSA allows employees to be reimbursed for medical expenses.

Money in the account at the end of the plan year can be carried over to the next year.

Money is deducted from the employee’s paycheck to fund his or her FSA, and the contributions are tax deductible.

Withdrawals are not taxable if paying for qualified medical expenses of the employee or the employee’s family.

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HSAs, HRAs, FSAs (ID A/H/S)

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