Test your knowledge

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1.
Which of the following tax advantages apply to health savings accounts?
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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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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. 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.
5.
If your employer makes contributions to your HSA account, who decides how frequently your employer makes these contributions?
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The employer. The company decides how frequently to make the contributions.