Health Savings Accounts (HSAs) Online Test

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Health Savings Accounts (HSAs)

Description: This quiz is designed to assess your knowledge and understanding of Health Savings Accounts (HSAs), a type of savings account that allows individuals to set aside funds for qualified medical expenses.
Number of Questions: 14
Created by: Aliensbrain Bot
Tags: hsas healthcare financing medical savings

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What is the primary purpose of a Health Savings Account (HSA)?

To save money for retirement
To cover qualified medical expenses
To pay for long-term care expenses
To invest in stocks and bonds

Who is eligible to contribute to an HSA?

Individuals with a high-deductible health plan (HDHP)
Individuals with a traditional health insurance plan
Individuals who are self-employed
All of the above

What is the maximum annual contribution limit for HSAs in 2023?

$3,850 for individuals and $7,750 for families
$4,000 for individuals and $8,000 for families
$4,500 for individuals and $9,000 for families
$5,000 for individuals and $10,000 for families

What are the benefits of contributing to an HSA?

Tax-deductible contributions
Tax-free growth of investments
Tax-free withdrawals for qualified medical expenses
All of the above

What is the difference between an HSA and a Flexible Spending Account (FSA)?

HSAs are only available to individuals with HDHPs, while FSAs are available to all individuals
HSAs allow for tax-free withdrawals for qualified medical expenses, while FSAs do not
HSAs have higher contribution limits than FSAs
All of the above

What happens to unused HSA funds at the end of the year?

They are forfeited
They are rolled over to the next year
They are taxed as income
They are donated to charity

Can HSAs be used to pay for premiums?

Yes, for any type of health insurance plan
Yes, but only for HDHPs
No, HSAs can only be used for qualified medical expenses
No, HSAs cannot be used for any type of insurance

What is the age limit for contributing to an HSA?

50 years old
55 years old
60 years old
There is no age limit

Can HSAs be used to cover the cost of dental and vision care?

Yes, for both dental and vision care
Yes, but only for dental care
Yes, but only for vision care
No, HSAs cannot be used for dental or vision care

What happens to HSA funds if the account holder dies?

They are forfeited
They are passed on to the account holder's spouse
They are passed on to the account holder's children
They are donated to charity

Can HSAs be used to cover the cost of prescription drugs?

Yes, for all prescription drugs
Yes, but only for generic prescription drugs
No, HSAs cannot be used for prescription drugs
No, HSAs can only be used for over-the-counter drugs

Can HSAs be used to cover the cost of medical equipment?

Yes, for all medical equipment
Yes, but only for certain types of medical equipment
No, HSAs cannot be used for medical equipment
No, HSAs can only be used for medical supplies

Can HSAs be used to cover the cost of transportation to and from medical appointments?

Yes, for all transportation expenses
Yes, but only for public transportation expenses
No, HSAs cannot be used for transportation expenses
No, HSAs can only be used for parking expenses

Can HSAs be used to cover the cost of long-term care expenses?

Yes, for all long-term care expenses
Yes, but only for certain types of long-term care expenses
No, HSAs cannot be used for long-term care expenses
No, HSAs can only be used for short-term care expenses

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