HealthEquity
HSA SAVING QUIZ
Progress
1. Which of the following is NOT part of the triple-tax savings of an HSA?
*HSAs provide a triple-tax advantage, meaning contributions to an HSA are tax-deductible, balances earn tax-free interest, and tax-free distributions for qualified medical expenses.
*HSAs provide a triple-tax advantage, meaning contributions to an HSA are tax-deductible, balances earn tax-free interest, and tax-free distributions for qualified medical expenses.
2. HSA contributions are never taxed federally or at the state level.
*HSAs are never taxed at a federal income tax level, but some states (Alabama, California and New Jersey) do not allow state income tax deductions for HSA contributions.
*HSAs are never taxed at a federal income tax level, but some states (Alabama, California and New Jersey) do not allow state income tax deductions for HSA contributions.
3. You need to save all receipts for medical expenses paid for by your HSA for up to 7 years in case of IRS auditing.
In the event that you are audited by the IRS, you may be required to provide documentation of medical expenses paid from your HSA up to 7 years prior.
In the event that you are audited by the IRS, you may be required to provide documentation of medical expenses paid from your HSA up to 7 years prior.
4. If you use funds from your HSA for medical expenses, can you claim them as a deduction on your income taxes?
Because HSA funds are pre-tax, you cannot receive deductions on expenses paid with your HSA.
Because HSA funds are pre-tax, you cannot receive deductions on expenses paid with your HSA.
5. Only healthy individuals can benefit from an HSA-compatible health plan paired with an HSA.
*Regardless of how you consume health care, an HSA can empower you to maximize savings while building a reserve for the future. Many walks of life can benefit from an HSA.
*Regardless of how you consume health care, an HSA can empower you to maximize savings while building a reserve for the future. Many walks of life can benefit from an HSA.
6. Which typically costs less?
*A visit to the emergency room can cost three to seven times more than a visit to an urgent care facility that can provide the same treatment. Further, an appointment with your primary care physician will typically be less expensive than a visit to an urgent care or emergency room.
*A visit to the emergency room can cost three to seven times more than a visit to an urgent care facility that can provide the same treatment. Further, an appointment with your primary care physician will typically be less expensive than a visit to an urgent care or emergency room.
7. You can save money on medical care by shopping around at different pharmacies, clinics, hospitals, and doctors, even if they are on the same health plan.
*Consumer-directed healthcare allows you to be in control of your health care. By shopping around and comparing prices, you become a more informed and better consumer of healthcare.
*Consumer-directed healthcare allows you to be in control of your health care. By shopping around and comparing prices, you become a more informed and better consumer of healthcare.
8. You receive a tax benefit for contributing to someone else’s HSA.
*While you can contribute to any eligible account holder’s HSA, only the owner of the account will receive the tax benefits.
*While you can contribute to any eligible account holder’s HSA, only the owner of the account will receive the tax benefits.
9. Generic drugs typically cost less than their name brand equivalent.
*Yes, you can often save money by choosing generic drugs when available to fill your prescriptions.
*Yes, you can often save money by choosing generic drugs when available to fill your prescriptions.
10. Preventive care is covered 100% with your HSA-compatible health plan.
*Preventive services like annual check-ups, well-child visits, and immunizations are covered 100% by your health plan.
*Preventive services like annual check-ups, well-child visits, and immunizations are covered 100% by your health plan.