Mastering Health Savings Accounts

HSAs are owned by the individual and can only be used to pay for medical expenses

HSAs do not allow funds to roll over from year to year

HSAs are subject to federal income tax at the time of deposit

HSAs are only available to individuals who have a high-deductible health plan (HDHP) (correct)

HSA funds are owned by the individual, while FSA funds are owned by the employer

HSA funds can roll over and accumulate year to year, while FSA funds do not (correct)

HSA funds can only be used to pay for qualified medical expenses, while FSA funds can be used for any expense

HSA funds are subject to federal income tax, while FSA funds are not

A tax-advantaged medical savings account available to individuals with a high-deductible health plan (HDHP)

A type of health insurance plan that covers only major medical expenses

A government program that provides healthcare coverage to low-income individuals

An alternate tax-deductible source of funds paired with a standard health plan (correct)

<p>Qualified medical expenses</p> Signup and view all the answers

<p>January 1, 2020</p> Signup and view all the answers