Question
Personal finance unit 3 lesson 7 Consumption and Benefits Unit Test
Which is true of a flexible spending account but not a health savings account?
A) if you change jobs, you keep the account and all the money in it.
B) you can use it to pay for doctor visits
C) you can get one only if you have a health insurance plan with a higher deductible
D) if you don’t spend it within a certain period of time part or all of it, revert to your employer
Which is true of a flexible spending account but not a health savings account?
A) if you change jobs, you keep the account and all the money in it.
B) you can use it to pay for doctor visits
C) you can get one only if you have a health insurance plan with a higher deductible
D) if you don’t spend it within a certain period of time part or all of it, revert to your employer
Answers
GPT-4o mini
The statement that is true of a flexible spending account (FSA) but not a health savings account (HSA) is:
**D) if you don’t spend it within a certain period of time, part or all of it reverts to your employer.**
In a flexible spending account, any unspent funds at the end of the plan year may be forfeited and returned to the employer, whereas health savings accounts allow you to keep the funds indefinitely, even if you change jobs.
**D) if you don’t spend it within a certain period of time, part or all of it reverts to your employer.**
In a flexible spending account, any unspent funds at the end of the plan year may be forfeited and returned to the employer, whereas health savings accounts allow you to keep the funds indefinitely, even if you change jobs.