Tools
Contributions
Escheatment & The FACT Act
QME
Miscellaneous
100
What are the three ways you can search for an account holder in FS?
SSN, name, and account number.
100
What percentage of shares of an S-Corp must an accountholder own to be ineligible to contribute pre-tax contributions.
2%
100
An account with debit transactions that has been dormant for this many months will receive notification of the transaction.
24 months.
100
Tax-free distributions from an HSA may only be paid on or after this date
The establishment date
100
In order to correctly re-deposit a CIP distribution check, and AH must indicate what on the deposit slip?
Return of Incorrect Distribution
200
In what KNOVA document can you find contribution maximums?
Knova doc 14814 "Common- Contributions(AH)" and 14941 "HSA- Eligibility"
200
How often is an AH allowed to complete and HSA to HSA rollover?
Once every twelve months.
200
How many attempts will be made to contact an accountholder before the account is escheated?
One.
200
What IRS publication can an AH reference to find the list of qualified medical expenses?
Publication 502.
200
In CCP What debit card order option would you use, if the AH did not receive his original card?
Lost/Stolen Card
300
In CCP What debit card order option would you use, if the AH did not receive his original card?
"Lost/Stolen Card"
300
Does an IRA to HSA transfer count towards the annual contribution maximum?
Yes.
300
How long must an account be dormant or inactive before the account will be closed for escheatment?
Varies by state.
300
Do expenses need to be covered by the health plan in order to be considered a QME under the HSA?
No.
300
Once signature has been processed, when will the AH receive their debit card? (2 part answer.)
Within 7-10 BD of account opening, or two weeks prior to HP effective date.
400
What is the name of the secondary system for FreshStart?
Call Center Plus (CCP)
400
What fee does BenefitWallet charge to issue a trustee to trustee transfer to another custodian?
$25 processing fee deducted from the proceeds of the transfer.
400
How can an accountholder retrieve the funds from an account that has been escheated?
They must contact the state the funds were sent to. Can get information from naupa.org
400
What must an accountholder have in order for OTC medications to be considered a QME?
Prescription from a doctor.
400
Name three examples of first dollar benefits that would disqualify someone from contributing to an HSA.
Medicare, Medicaid, General Purpose FSA, HRA, non HDHP coverage under a spouse's plan.
500
What are the 3 versions of the mybenefitwallet.com website that AHs may have?
1.0, 2.0 and 4.0
500
If an AH processes a one-time IRA transfer, but does not remain covered by an HDHP for the 12 month testing period, what penalty will apply?
The amount transferred is included as income and subject to 10% additional tax.
500
What does the acronym FACT in “The FACT Act” stand for?
Fair and Accurate Credit Transactions.
500
Name 3 expenses that are specifically excluded from the list of qualified medical expenses?
Babysitting, Cosmetic surgery, dancing lessons, illegal operations, teeth whitening, veterinary expenses, weight loss, Medicare supplement, electrolysis hair removal, etc.
500
John, age 45, was enrolled in single HDHP for 6 months in 2015, then terminated coverage. What is his contribution maximum for 2015?
$1,675
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