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Healthcare Beginner: Introduction to Health Savings Accounts

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1.
Which of the following is not an advantage of health savings accounts?
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Changing insurance carriers. You may have to change your insurance carrier to get an HSA. Fortunately, virtually all insurance carriers offer HSA-qualified plans.
2.
Which of the following is a disadvantage of health savings accounts?
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People who are low income might not enjoy the savings that HSAs provide. If your income is low enough that it is not taxable, then you will not get the tax savings provided by an HSA.
3.
Which of the following tax advantages apply to HSAs?
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All of the above. These are the three tax advantages that HSAs offer.
4.
Which of the following is not an advantage of HSAs?
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You can use HSA funds tax-free to pay for any expense you want. While you can use your HSA funds tax-free to pay for many medical expenses, unless it is an IRS-approved qualified medical expense it cannot be paid tax-free.
5.
Health savings accounts are limited to individuals who _______.
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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.