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Health Savings Account Questions with solutions
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Health Savings AccountTrue or False: To be Eligible for a HSA members must:
1. (T/F) Be covered under a High Deductible Health Plan (HDHP)
2. (T/F) They can have secondary health coverage and be enrolled in Medicare
3. (T/F) Members can be claimed as a dependent on another person's tax return.
4. (T/F) Members MUST be working to contribute
5. (T/F) Members do NOT need earned income in order to contribute
6. (T/F) Individuals must be eligible for membership with SECU, LGFCU or NCPRESS
but do not have to have a regular share account. - answer 1. True
2. False
3. False
4. False, Members can be working or not working to contribute
5. True
6. True
Earnings grow tax-_____ - answer deferred
Owners can claim a tax _____ for contributions ____ or _____ other than their ____
makes to an HSA even if they do not itemize tax deductions. - answer deduction,
they, someone, employer
Member's contributions can remain in the account year to year and they do not lose
funds they do not use. (Don't use it? Don't lose it!) - answer Yes
True or False: Members must deposit a minimum of $25 to open an HSA - answer
False, there is no minimum deposit
If eligible individuals have their HDHP for the entire tax year they can contribute up to
100% of their annual limit? - answer Yes
Annual Limits for an HDHP:
Single Coverage (2014) =
Family Coverage (2014) =
Age 55-64 Catch Up Limit (2014) = - answer $3,300
$6,550
$1,000
Distributions are tax _____ if used for _____ medical expenses for the member, their
_____ or their _____. - answer free, qualified, spouse, dependents
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