Exam (elaborations)
HSA, FSA, & HRA QUESTIONS AND ANSWERS LATEST UPDATED 2024
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Exam of 1 pages for the course HSA at HSA (HSA, FSA, & HRA)
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HSA, FSA, & HRAcafeteria plans - 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 - 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) - answer An FSA
designed to reimburse qualifying medical care expenses
limited health flexible spending account - answer An FSA designed to reimburse
dental & vision expenses. Usually paired with an HSA
dependent care account - answer An FSA designed to reimburse qualifying daycare
(under age 13) and dependent care expenses
FSA grace period - 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 - 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 - 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 - 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 - 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
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