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Tax Advantages Accounts

HSA stands for HIPAA Standard Account

True

False

LPFSA funds can be used for medical, dental and vision related expenses

True

False

Which of the following best describes an FSA?

Tax-favored IRA-type trust or custodial accounts that can be contributed to by, or on behalf of “eligible individuals” who are covered by certain high-deductible health plans (HDHPs) to pay certain medical expenses of the eligible individuals and their spouses and tax dependents.

Use it or lose it funds applied toward medical, dental, and vision expenses

Funds that can be applied to babysitting or an au pair

What does DCA stand for?

Employees can change their commuter benefits election.....

Tax Advantage Accounts are bomb AF because:

The employee’s taxable income is lowered (since using pre-tax paycheck dollars)

Employees can make election changes whenever they want (unlike health insurance)

Employer’s payroll taxes are lowered (by the amount set aside)

Employers don't have to contribute to health insurance if they also offer Tax Advantaged Accounts like HSA, and FSA

There is no limit to how much money you can set aside in HSAs, DCAs, and FSAs annually

As an employee, you must be enrolled in an High Deductible Health Plan in order to participate in an HSA

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