Which is true of a flexible spending account but not a health savings account?(1 point)

A) If you change jobs, you keep the account and all the money in it.
If you change jobs, you keep the account and all the money in it.

B) You can use it to pay for doctor visits.
You can use it to pay for doctor visits.

C) You can get one only if you have a health insurance plan with a high deductible.
You can get one only if you have a health insurance plan with a high deductible.

D) If you don’t spend it within a certain period of time, part or all of it reverts to your employer.

Question

24-10-2022
Business

Answered

Which is true of a flexible spending account but not a health savings account?(1 point)

A) If you change jobs, you keep the account and all the money in it.
If you change jobs, you keep the account and all the money in it.

B) You can use it to pay for doctor visits.
You can use it to pay for doctor visits.

C) You can get one only if you have a health insurance plan with a high deductible.
You can get one only if you have a health insurance plan with a high deductible.

D) If you don’t spend it within a certain period of time, part or all of it reverts to your employer.

Answer :

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Sameernangalia Sameernangalia · Answer 1 · 2022-10-26T06:18:12-04:00

The correct answer is option (A) If you change jobs, you keep the account and all the money in it. If you change jobs, you keep the account and all the money in it.

What is a flexible spending account?

Generally, FSA monies cannot be rolled over to the following year until they have been fully utilised, and any unused funds carried over from the prior year are forfeited.

Unused funds are sent to your employer, who can decide whether to divide them among FSA plan participants or utilise them to lower the costs associated with administering the benefits programme.

A flexible spending account, also known as a flexible spending arrangement, is a specific account into which funds may be deposited and later utilised to cover a selection of out-of-pocket medical costs. A flexible spending arrangement is another name for this type of account.

This amount of money is exempt from taxation for you. Accordingly, you will be able to save an amount that is equal to the taxes you would have had to pay on the money you have set aside.

The key distinction between health savings accounts (HSA) and flexible spending accounts (FSA) is that HSAs are under the control of the individual and allow for the carrying over of contributions into later years, whereas FSAs are kept by the employer and offer fewer possibilities for spending.

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