Benefits Training Day 3
FSA/HSA/HRA Benefit Plan Setup This certification test contains questions of different formats. The format of the questions include multiple choice; true/false and fill in the blank etc. . . Please remember to chose the best response to each question. You are able to use your notes and participation guide along with the ISolved system while taking the test. Read carefully. In order to obtain your certification, you must score a passing score of 75 percent. Good Luck!
- 1.Please refer to the "Exercise for Mastery Homework" Word Doc in the Day 1 folder in Box for directions on completing the homework assignment. All screen shots should be attached to that Word doc and turned in at the very end of the 2 week training period.https://infinisource.box.com/s/ekngnn4qkp2ubrd2dv9h
- 2.A Limited FSA is offered
- A.
Combined with a Medical FSA to allow additional funds over the normal maximum
- B.
Only if an HSA is chosen. A limited FSA can be used only for Dental &/or Vision reimbursements
- C.
Only for employees that don’t elect the HSA
- D.
None of the above
- 3.An HRA reimbursement:
- A.
Is only tracked only through payroll.
- B.
Is set up like an LTD
- C.
Is set up like an HSA
- D.
Needs to be elected every year
- 4.How does an HSA catch-up work?
- A.
The catch-up must be paid in one lump at the start of the year
- B.
The employee must give the employer cash or check each pay period
- C.
Deductions are setup in addition to & run concurrently with the standard HSA deductions or the deductions begin for the catch-up after the EE reaches the regular HSA limit
- D.
The employer pays this for the employee
- 5.Which is a true statement about Medical HRA’s?
- A.
HRA’s are employee funded
- B.
HRA’s are offered as a stand-alone plan
- C.
HRA’s are not COBRA eligible
- D.
HRA COBRA is to be offered 2 ways: Medical + HRA premium & Medical premium only
- 6.HSA and concurrent HSA Catch-up Plans should be set up:
- A.
With multiple years on the rates tab
- B.
With HSA Single and HSA Family coverage codes
- C.
With dependencies on a PPO plan
- D.
On the same Benefit Type
- 7.An HSA is not:
- A.
A medical plan
- B.
A pre-tax benefit
- C.
A private bank account
- D.
Allowed to be changed except once a year at OE
- 8.An HRA is set up in benefits (in order to facilitate COBRA) and is setup like a(n):
- A.
FSA
- B.
HSA
- C.
Medical Plan
- D.
401k Plan
- 9.HSA can only be offered if the employer offers a high deductible health plan and the employee is enrolled in it.
- A.
True
- B.
False
- 10.When setting up a HDHP with an HSA, you should include a dependency on the HSA to the medical plan.
- A.
True
- B.
False
- 11.Employees must make an election or waive the FSA and HSA each year.
- A.
True
- B.
False
- 12.HSA’s are a COBRA eligible benefit.
- A.
True
- B.
False
- 13.You should always include a Stop Date on the Plans Tab 365 days from the Start Date on the FSA and H.S.A. plans.
- A.
True
- B.
False
- 14.An HRA is like an invisible plan. It does nothing but sit there until an EE terms.
- A.
True
- B.
False
- 15.An Employee who is eligible for the HSA and/or HSA Catch-up is also eligible for the Medical HDHP plan even though they are separate plans.
- A.
True
- B.
False
- 16.An FSA can be altered or changed during the year if you are diagnosed with a serious illness.
- A.
True
- B.
False
- 17.Employees can elect (select all that are correct):
- A.
FSA Med & Dependent Care
- B.
HDHP, Limited FSA & HSA
- C.
FSA & HRA
- D.
FSA Dependent Care only
- 18.Which is a true statement?
- A.
The FSA Medical and FSA Limited plans can be set up with same system deduction code.
- B.
The FSA Medical and FSA Limited must be set up with their own system deduction codes.
- C.
FSA Dependent Care, FSA Medical and FSA Limited all have the same annual limit.
- D.
A & C.
- 19.An FSA Limited Plan must be set up with "Limited" in the Plan Description.
- A.
True
- B.
False
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