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1.
When a health savings account holder dies, the surviving spouse (if designated the beneficiary) may _______.
(a) and (b) only. If your spouse is designate the beneficiary of your HSA, they may use the HSA funds tax-free to pay for medical expenses and make additional contributions to the account if they are eligible.
2.
Health savings account funds may be invested in _______.
All of the above. HSA funds may be invested in all three types of investments.
3.
Health savings accounts may be established at or with _______.
All of the above. All of these organizations are authorized to open HSA accounts.
4.
When a health savings account holder dies, the account funds become taxable as income on the individual's final tax return and taxable to the beneficiary of the account unless the designated beneficiary is _______.
A surviving spouse. Only a surviving spouse, if designated the beneficiary of your account, can receive the HSA account and funds tax-free.
5.
If you deposit $500 into your health savings account, what amount of qualified medical expenses may be reimbursed or paid tax-free from the account?
$500, if the expenses were incurred after the date the health savings account was established. You cannot reimburse expenses that exceed the amount of funds in your HSA account. In addition, only those expenses that were incurred after your HSA account was established may be reimbursed tax-free.