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HSA (Health Savings Account) Questions and Answers Latest updated 2024
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HSA (Health Savings Account)
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HSA (Health Savings Account)HSA - answer Health Savings Account
HSA funds - answer *Unused funds carry over & election can be changed/ stopped
at any time
*Funds are portable
HSA reimbursements - answer Debit card, Pay Me or Pay My Provider
reimbursments.
HSA 2016 IRS limit - answer $3,350 Individual
$6,750 Family
HSA 2017 IRS Individual limit - answer $3,400
HSA catch-up - answer $1000
HSA catch-up age is... - answer 55 years or older
HSA requires a ______ plan... - answer HDHP
HSA can be funded by... - answer Employee and Employer
HSA account owner... - answer Employee
Health Savings Account allows employees to... - answer pay for current/future
medical expenses tax-free.
HSA Eligibility Requirements - answer Must have HSA qualified health coverage
(Deductibles of $1,300+ Single/ $2,600+ Family)
HSA Eligible Expenses - answer Medical, Dental, Vision, Medicare, LTC premiums,
Health insurance, Premiums (at age 65), COBRA.
Does HSA Reduce Insurance? - answer Yes
Does HSA reduce OOP expenses? - answer Yes
HSA Employer Tax Savings - answer Contributions are tax deductible in the year the
contribution is made.
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