HSA
What type of medical plan must one have to participate in an HSA?
What is a High Deductible Health Plan (HDHP)
True or False: An FSA works like a Credit Card.
What is True
Who can contribute to an HRA?
What is the employer ONLY
What can the funds in a DCFSA be used for?
What is care of a dependent child while the employee and their spouse, if applicable, are at work or school
True or False: The money taken out of the employee’s paycheck to put into this account is pretax
What is True
An HSA works like a ___________ _________.
What is a Debit Card
What is the annual IRS contribution limit for the Health Care FSA in 2021?
What is $2,750
What can the money be used for?
What are eligible medical expenses
True or False: DCFSA funds can be used on a sleep-away summer camp that lasts 4 weeks.
What is False
What are the funds in a transportation FSA used for?
What are transportation expenses – i.e. parking/transit costs – associated with traveling to and from work
What happens to any unused funds in the HSA at the end of the plan year?
What is the money rolls over from year to year
What is the difference between a regular Health Care FSA and a Limited Purpose FSA?
What is the limited purpose FSA is the type of account you have if you also have an HSA; the money can only be spend on eligible dental/vision expenses
True or False: An HRA works like a credit card.
What is False – it works like a debit card!
What is the 2021 IRS contribution limit for the DCFSA?
What is...
$5,250 for 2021 if married and filing separately
$10,500 for 2021 if married and filing jointly
True or False: The IRS limit for transportation FSAs are based on a yearly amount.
What is False – they are based on a monthly amount
What can the money be used on?
What is eligible medical, dental, and vision expenses
What can the money in an HC FSA be used on?
What are eligible medical, dental, and vision expenses.
What is the IRS annual contribution limit?
What is there isn’t any limit
When can the employee change their contributions to the DC FSA?
What is when they have a valid life event and during Open Enrollment.
How much is the IRS contribution limit for 2021?
What is $270 a month
What are the annual contribution limits set by the IRS for an HSA in 2021?
What is...EE only coverage - $3,600
Family coverage - $7,200
55+ (catch up contribution): additional $1,000
What happens to unused funds at the end of the plan year in an FSA?
What is the funds are forfeited at the end of the year as this account is Use It or Lose It!
What happens to the money if an employee leaves the company?
What is they forfeit any unused funds as they cannot take it with them.
Who funds the DC FSA?
What is the employee
What are some examples of things you can use this money for?
What are parking garages, bus passes, train tickets, metro cards, etc.