HSA Quiz – You Could Win an Apple Watch!
Testing your health savings account (HSA) knowledge with a fun quiz! If you take the quiz before November 7, 2018, you could be the lucky winner of an Apple Watch!
To begin: Visit the HSA learn site and click the “What if…” HSA quiz button at the top of the page. Once you finish the quiz, you’ll be prompted to enter the Apple Watch drawing.
A few hints to help you with the quiz:
- Because an HSA offers significant tax savings, the IRS has strict rules about who can open up and contribute to an HSA. You must be enrolled in an HSA-qualified plan. You cannot have any other health coverage, such as Medicare, military health benefits or a health care FSA (including a spouse’s FSA). You also cannot be claimed as a dependent on someone else’s tax return.
- HSA funds are always tax-free when used for qualified medical expenses. If you use your HSA for non-qualified expenses, those dollars are subject to income tax and a 20% penalty. After age 65, you may choose to withdraw HSA funds for non-medical expenses and only pay regular income tax, avoiding the penalty.
- Your HSA is portable and it’s yours, even if you change jobs or retire. You keep any funds you and CHI contribute to your HSA, just like a regular savings account. You can continue making contributions to your HSA as long as you remain enrolled in an HSA-qualified plan. But even if you unsubscribe from a qualified health plan, you can still use your HSA funds tax-free for qualified medical expenses.