Test Your Knowledge! HSA Quiz -

See how much you know about Health Savings Accounts (HSAs). Click Next to start the quiz.

1. Who is eligible to save in an HSA?

Participants who are currently saving in a retirement plan

Anyone

Participants over age 55

Participants of a High Deductible Health Plan

Hint

2. True or False. My entire HSA balance is deposited into my account on the first business day of the year.

True

False

3. True or False. An HSA is subject to the "use it or lose it" policy – if you don't spend the assets in it by year end (or, for some plans, by tax time), you lose the money.

True

False

4. Which of the following statements is accurate? Distributions from an HSA for qualified medical expenses:

are taxed as ordinary income if you are under age 65.

incur a 20% penalty if you are under age 65.

are tax-free, regardless of your age.

are taxed at a flat rate of 10%, regardless of your age.

5. Which of the following statements is accurate? Distributions from an HSA for NON-QUALIFIED medical expenses:

are taxed as ordinary income, regardless of your age.

incur a 20% penalty, if you are over age 65.

are tax-free, regardless of your age.

are taxed at a flat rate of 10%, regardless of your age.

6. True or False: HSAs can only be invested in cash.

True

False

7. Which of the following is NOT a qualified medical expense, eligible for HSA reimbursement?

Prescription drugs

Cosmetic surgery

Orthopedic footwear

Prescription sunglasses

Physical therapy

Hearing aid batteries

Crutches, walkers, wheelchairs

8. What is the maximum you can withdraw from your HSA each year?

Your out-of-pocket maximum for your plan

50% of medical expenses

Your entire balance

$2,000 per family member

9. If I leave my employer with an outstanding balance in my HSA:

I will forfeit the remainder of my balance in the account.

I can continue my HSA account as normal.

I can roll the money into my new employer’s HSA, but only if the new employer has the same HSA provider.

I will need to roll the money into an IRA within 60 days.

10. True or False: Saving in an HSA can really benefit future healthcare needs.

True

False

See how much you know about Health Savings Accounts (HSAs). Click Next to start the quiz.

1. Who is eligible to save in an HSA?

2. True or False. My entire HSA balance is deposited into my account on the first business day of the year.

3. True or False. An HSA is subject to the "use it or lose it" policy – if you don't spend the assets in it by year end (or, for some plans, by tax time), you lose the money.

4. Which of the following statements is accurate? Distributions from an HSA for qualified medical expenses:

5. Which of the following statements is accurate? Distributions from an HSA for NON-QUALIFIED medical expenses:

6. True or False: HSAs can only be invested in cash.

7. Which of the following is NOT a qualified medical expense, eligible for HSA reimbursement?

8. What is the maximum you can withdraw from your HSA each year?

9. If I leave my employer with an outstanding balance in my HSA:

10. True or False: Saving in an HSA can really benefit future healthcare needs.

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