Consumer Accounts Quiz

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Quiz Questions

1.
I am currently enrolled or plan to enroll in an HDHP - high deductible health plan.
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- A.
  Yes
- B.
  No
- C.
  I'm not sure.
2.
I am currently enrolled in or considering a traditional PPO or HMO health plan.
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- A.
  Yes
- B.
  No
- C.
  I'm not sure.
3.
Can you manage an out-of-pocket medical expense of $3,000?
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- A.
  Yes, but I'd rather not.
- B.
  Yes, I could afford that if needed.
- C.
  No, I would not be able to afford that.
- D.
  Not today, but I could save up over the next year.
4.
Check all that apply about your estimated medical expenses next year.
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- A.
  Upcoming surgery
- B.
  Purchasing glasses or contact lenses
- C.
  Orthodontics are in our future, but not this year
- D.
  We need braces or othodontics this year
- E.
  I like to keep my medicine cabinet stocked
- F.
  I purchase lots of first aid supplies to keep my family safe
- G.
  I may need some dental work
- H.
  I don't really spend much on medical expenses
- I.
  I only require minimal or basic health care
- J.
  I have some regular prescription needs
- K.
  I have a lot of annual medical expenses
5.
I'm interested in an account that is always mine and the funds never "expire."
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- A.
  Yes
- B.
  Maybe
- C.
  No
- D.
  No preference
6.
I feel more financially secure knowing my expenses for THIS YEAR are covered by an easy-to-access medical account.
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- A.
  Yes
- B.
  Maybe
- C.
  Not really
- D.
  No preference
7.
If I had an accident or major medical event next week, I would need access to some funds up front.
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- A.
  Yes
- B.
  Maybe, it would help
- C.
  I think I would be ok to cover some of the expense
- D.
  No, I feel like I have some savings to tap into if needed
- E.
  Not a consideration
8.
I'm good at keeping track of my receipts, spending and budgeting.
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- A.
  That's me!
- B.
  Sometimes
- C.
  I'll try, but it's NOT my strong suit
- D.
  What's a budget?
9.
Check all that apply.
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- A.
  I might need to change my election amount depending on what happens next year.
- B.
  I tend to estimate my annual medical expenses pretty well.
- C.
  I would be interested in investing and growing my medical funds.
- D.
  I need to access my medical funds to cover my out-of-pocket costs
- E.
  I may change jobs or employers next year
- F.
  I plan to stay with my employer for the foreseeable future
10.
Which describes you best? Choose one.
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- A.
  I don't need a medical fund right now.
- B.
  I don't need a medical fund now, but I would like to automatically save $$ for future needs.
- C.
  I have regular medical expenses like co-pays, prescriptions, orthodontics and glasses that I need to cover every year.
- D.
  I have a few known medical expenses, and it would be nice to know they were covered if needed.
- E.
  I can't afford to put money aside for medical costs.

Quiz Outcomes

1.
Consider an HSA
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If your employer is offering an HSA in conjunction with an HDHP, this might be the best option for you.Consider these factors: the HDHP offers a lower monthly premium. You can set aside your funds pre-tax to put into an HSA to help you cover the deductible, spend on needed medical expenses OR save and invest for the future. An HSA is always yours, regardless of your employer. Funds never expire -- they roll over year over year.Use HSA funds for qualified items such as doctor and hospital visits, lab fees, prescriptions, over-the-counter medical treatments, dental and vision expenses and much more.(This is a guide only. This quiz does not qualify as tax or financial advice.)
2.
Consider an FSA!
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If your employer is offering a health care FSA, this might be the best option for you.Consider these factors: You can set aside your funds pre-tax to put into an FSA to help you pay for qualified out-of-pocket medical expenses. The FSA is an annual account, so use our FSA calculator to estimate your expenses and help you make your election. An FSA is "use it or lose it," so be sure to exhaust your funds by your employer's deadlines.Use FSA funds for qualified items such as doctor and hospital visits, lab fees, prescriptions, over-the-counter medical treatments, dental and vision expenses and much more.(This is a guide only. This quiz does not qualify as tax or financial advice.)
3.
Still Deciding
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Well, you are right in between. Both an FSA and an HSA are a smart choice, so don't worry. A next good step would be to review the health plans and choose the consumer account that works with that health plan. HSAs go with HDHPs (remember the H's). FSAs work with PPOs and HMOs.HSAs never expire, while FSAs need to be funded and USED within the plan year.HSAs are portable, while FSAs are tied to your employer.Do a little more reading on our MyChoice Accounts site to see if you can make YOUR best choice.

Consumer Accounts Quiz

Answers will not be recorded in any way and are completely anonymous. This quiz and results are for YOUR personal knowledge only.

Quiz Questions

Quiz Outcomes