HSA Exam Questions with Correct Answers 2022/2023

HSA Exam Questions with Correct Answers 2022/2023 HSA Health Savings Account HSA funds *Unused funds carry over & election can be changed/ stopped at any time *Funds are portable HSA reimbursements Debit card, Pay Me or Pay My Provider reimbursments. HSA 2016 IRS limit $3,350 Individual $6,750 Family HSA 2017 IRS Individual limit $3,400 HSA catch-up $1000 HSA catch-up age is... 55 years or older HSA requires a ______ plan... HDHP HSA can be funded by... Employee and Employer HSA account owner... Employee Health Savings Account allows employees to... pay for current/future medical expenses tax-free. HSA Eligibility Requirements Must have HSA qualified health coverage (Deductibles of $1,300+ Single/ $2,600+ Family) HSA Eligible Expenses Medical, Dental, Vision, Medicare, LTC premiums, Health insurance, Premiums (at age 65), COBRA. Does HSA Reduce Insurance? Yes Does HSA reduce OOP expenses? Yes HSA Employer Tax Savings Contributions are tax deductible in the year the contribution is made. HSA Employee Tax Savings 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 Yes HSA owner of unused funds Employee HSA Earnings/ Investments *Interest paid and investments allowed. *Earnings grow tax free. HSA Cross-Compatibility Limited purpose (n/a to Oasis Sponsored Clients) or Post Deductible FSA or HRA.