How Much Do You Know About Health Savings Accounts?

A short True/False quiz to find out

True/False

1. The funds in your Health Savings Account expire at the end of the year

2. Once you decide how much to contribute each month or pay period, you are committed to that amount for the entire year

3. Anyone is eligible to contribute to a Health Savings Account

4. Your Health Savings Account funds stay with your employer when you leave

5. Your Health Savings Account can be used to pay for any expenses, penalty free, once you turn 65.

6. Similar to your 401(k), you must use the Health Savings Account provider selected by your employer

7. Your Health Savings Account can be invested into mutual funds, often the same ones found in your 401(k), and become part of your retirement savings portfolio

8. Unlike 401(k)’s and IRA’s, contributions to Health Savings Accounts are payroll tax free

9. You cannot use your Health Savings Account debit card unless the health provider accepts your insurance

10. If your Health Savings Account debit card is accepted by the health provider you do not need to keep a receipt

The answers here.

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