Questions: Which of the following statements about Health Reimbursement Arrangements (HRA) is CORRECT? A. Any unused amounts are added to employee's gross income B. If the employee paid for qualified medical expenses, the reimbursements may be tax-free C. If the employee had a qualified medical leave from work, lost wages can be reimbursed D. Health insurance premiums can be reimbursed to the employee

Which of the following statements about Health Reimbursement Arrangements (HRA) is CORRECT? A. Any unused amounts are added to employee's gross income B. If the employee paid for qualified medical expenses, the reimbursements may be tax-free C. If the employee had a qualified medical leave from work, lost wages can be reimbursed D. Health insurance premiums can be reimbursed to the employee
Transcript text: my.xcelsolutions.com OXXCL Progress $45 \%$ Multiple Choice Which of the following statements about Health Reimbursement Arrangements (HRA) is CORRECT? A. Any unused amounts are added to employee's gross income B. If the employee paid for qualified medical expenses, the reimbursements may be tax-free C. If the employee had a qualified medical leave from work, lost wages can be reimbursed D. Health insurance premiums can be reimbursed to the employee Bubmit 200 Question Exam Simulator, Florida Life and Health
failed

Solution

failed
failed
Answer

The answer is B. If the employee paid for qualified medical expenses, the reimbursements may be tax-free.

Explanation
Option A: Any unused amounts are added to employee's gross income

This statement is incorrect. Unused amounts in an HRA are typically carried over to the next year and are not added to the employee's gross income.

Option B: If the employee paid for qualified medical expenses, the reimbursements may be tax-free

This statement is correct. HRAs are designed to reimburse employees for qualified medical expenses, and these reimbursements are generally tax-free.

Option C: If the employee had a qualified medical leave from work, lost wages can be reimbursed

This statement is incorrect. HRAs are intended to cover medical expenses, not lost wages due to medical leave.

Option D: Health insurance premiums can be reimbursed to the employee

This statement is partially correct but not universally applicable. While some HRAs may allow for the reimbursement of health insurance premiums, it depends on the specific plan design and employer policies. However, it is not a blanket rule applicable to all HRAs.

Was this solution helpful?
failed
Unhelpful
failed
Helpful

Questions asked by other users

failedAnswered
Multiply and simplify. [ (x^2-7 x-18)/(2 x^2-162) cdot (x^2+18 x+81)/(2 x^2+22 x+36) ]
failedAnswered
The water reservoir for a city is shaped like a rectangular prism 250 meters long, 60 meters wide, and 12 meters deep. At the end of the day, the reservoir is 70% full. How much water must be added overnight to fill the reservoir?
failedAnswered
The 5 x 5 array of dots in the shown figure represents trees in an orchard. If you were standing at the central spot marked C, you would not be able to see 8 of the 24 trees (shown as X). If you were standing at the center of a 9 x 9 array of trees, how many of the 80 trees would be hidden? (A) 45 (B) 44 (C) 40 (D) 36 (E) 32
failedAnswered
7/8 + 1/4 ÷ 6/7
failedAnswered
17. [-/ 0.17 Points]