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Healthcare Beginner:
Making Contributions to Health Savings Accounts
Test your knowledge
Choose wisely. There is only one correct answer to each question.
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1.
Which of the following tax advantages apply to health savings accounts?
Choose wisely. There is only one correct answer.
Personal contributions to an HSA are tax-deductible
Investment earnings on funds in an HSA are tax-free
Withdrawals for qualified medical expenses are tax-free
All of the above
All of the above.
2.
Persons with self-only HSA-qualified coverage may contribute the same amount to an HSA each year as persons with family coverage.
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True
False
False. Individuals with family coverage may contribute more than individuals with self-only coverage each year.
3.
Individuals age 55 or older may contribute more to an HSA than a younger person.
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True
False
True. Individuals age 55 or older are eligible to make "catch-up" contributions.
4.
Personal contributions to health savings accounts reduce your taxable income when computing your federal income taxes.
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True
False
True.
5.
If your employer makes contributions to your HSA account, who decides how frequently your employer makes these contributions?
Choose wisely. There is only one correct answer.
You
The employer
The IRS
None of the above
The employer. The company decides how frequently to make the contributions.
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DONE