HSA Question and Answer Key

HSA Question and Answer Key

1. True or False: Health Savings accounts (HSAs) are only good for the elderly who have many health problems.
   • False
2. What are examples of qualified medical expenses?
   • Prescription Eyeglasses
   • Surgery for a broken leg
   • Dental exam
   • Cholesterol medication
3. True or False: HSAs allow you to pay medical bills with tax free money.
   • True
4. If you leave your employer, who owns and keeps the HSA?
   • You
5. True or False: There is a time limit for using your HSA funds and you will lose the money in the account if it’s not used by the end of the year.
   • False
6. Who can make contributions to your HSA?
   • Your company and you
7. True or False: You must have a high deductible health plan (HDHP) in order to contribute to an HSA.
   • True
8. Money can accrue in your account from:
   • Salary deferral
   • Interest earned on the account balance
   • Employer contributions
   • Rollover of previous years’ unused amounts

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