Healthcare Beginner: Introduction to Health Savings Accounts

Test your knowledge

Choose wisely. There is only one correct answer to each question.

Keep studying!

Review your answers below to learn more.

Health savings accounts offer Americans a way to _______.

Put money into a "rainy day fund" for health care

Fill in the gaps for insurance policies that cover larger medical bills

Save money on health insurance

All of the above

All of the above. HSAs provide all these opportunities for Americans.

Which of the following is not an advantage of health savings accounts?

Tax savings

Changing insurance carriers

Portability of the account

HSA funds may be invested

Changing insurance carriers. You may have to change your insurance carrier to get an HSA. Fortunately, virtually all insurance carriers offer HSA-qualified plans.

Health savings accounts can help you _______.

Set aside money for out-of-pocket medical expenses

Save money on taxes

Save money for medical expenses in retirement

All of the above

All of the above. HSAs provide all of these opportunities.

Which of the following tax advantages apply to HSAs?

Personal contributions to an HSA are tax-deductible

Investment earnings on funds in an HSA are tax-free

Withdrawals for qualified medical expenses are tax-free

All of the above

All of the above. These are the three tax advantages that HSAs offer.

Health savings accounts are limited to individuals who _______.

Are working

Don't have access to employer-sponsored health insurance

Have annual income below $250,000

Have coverage under a qualified health insurance plan

Have coverage under a qualified health insurance plan. Health savings accounts are available to individuals who have coverage under an HSA-qualified plan, but none of the other limitations apply.