How Well Do You Understand?

Question of

How well do you understand tax-advantaged health benefit accounts?

Tax-advantaged health benefit accounts, such as flexible spending accounts (FSAs) and health savings accounts (HSAs), help make healthcare more affordable.

Take this quiz to help determine how much you know about these accounts and how you can get the most value from your benefits plan.

Health benefit accounts such as flexible spending accounts (FSAs) and health savings accounts (HSAs) allow you to contribute your pre-tax wages to an account reserved for healthcare spending

The funds you contribute to a health savings account (HSA) or flexible spending account (FSA) reduce the overall taxable income your employer reports to the IRS

You can put as much of your money as you want into these accounts, as long as you spend it on healthcare-related products and procedures

Which of the following health benefit accounts requires you to be enrolled in a qualified high-deductible health plan (HDHP) in order to contribute?

Which of the following health benefit accounts can be used to save for long-term healthcare expenses, beyond this year?

Which of the following health benefit accounts travels with you if you choose to leave your employer?

Which of the following expenses are you unable to purchase using health benefit account funds?

Other than basic insurance premiums, if you expect to incur any out-of-pocket healthcare expenses you should enroll in a health benefit account

Flexible spending accounts (FSAs) offer additional savings opportunities, including the ability to invest in mutual funds to grow your balance

If you don’t use your health savings account (HSA) funds, you will lose them at the end of the year

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No matter what type of health insurance plan you enroll in, if you expect to spend any amount of money on out-of-pocket healthcare expenses, make sure to enroll in a tax-advantaged health benefit account to keep more of your hard-earned dollars in your pocket.