Which is true of a flexible spending account but not a health savings account?(1 point) Responses If you change jobs, you keep the account and all the money in it. If you change jobs, you keep the account and all the money in it. You can use it to pay for doctor visits. You can use it to pay for doctor visits. You can get one only if you have a health insurance plan with a high deductible. You can get one only if you have a health insurance plan with a high deductible. If you don’t spend it within a certain period of time, part or all of it reverts to your employer.

Question

Which is true of a flexible spending account but not a health savings account?(1 point) Responses If you change jobs, you keep the account and all the money in it. If you change jobs, you keep the account and all the money in it. You can use it to pay for doctor visits. You can use it to pay for doctor visits. You can get one only if you have a health insurance plan with a high deductible. You can get one only if you have a health insurance plan with a high deductible. If you don’t spend it within a certain period of time, part or all of it reverts to your employer.

Answer 1

If you don’t spend it within a certain period of time, part or all of it reverts to your employer.

Answer 2

If you don't spend it within a certain period of time, part or all of it reverts to your employer.

Answer 3

The true statement about a flexible spending account (FSA) that is not true of a health savings account (HSA) is: "If you don't spend it within a certain period of time, part or all of it reverts to your employer."

To reach this answer, we evaluate each statement one by one:

1. "If you change jobs, you keep the account and all the money in it." - Both FSAs and HSAs can allow you to keep the account and money when changing jobs, so this statement is not unique to FSAs.

2. "You can use it to pay for doctor visits." - Both FSAs and HSAs can be used to pay for eligible medical expenses, so this statement is also not unique to FSAs.

3. "You can get one only if you have a health insurance plan with a high deductible." - This statement is true for HSAs but not for FSAs. FSAs do not require a high deductible health insurance plan.

4. "If you don't spend it within a certain period of time, part or all of it reverts to your employer." - This statement is true for FSAs, but it is not true for HSAs. FSAs typically have a "use-it-or-lose-it" rule, where any unused funds at the end of the plan year or grace period may be forfeited or reverted back to the employer.

Therefore, the statement "If you don’t spend it within a certain period of time, part or all of it reverts to your employer" is true of a flexible spending account (FSA) but not a health savings account (HSA).