Health Savings Accounts

Study Level: Intermediate
Delivery Method: Online Self-Study
Field of Study: Specialized Knowledge/Personal Financial Planning
Prerequisites: There is no formal prerequisite for this course; however, an understanding of basic forms of personal and group health insurance coverage would be beneficial.

This course explores health savings accounts: a unique vehicle that helps consumers meet their health care needs. Used in conjunction with high-deductible health plans (HDHPs), health saving accounts, or HSAs, allow individuals to save for current and future medical expenses on a tax-advantaged basis. The course explains HSAs in detail, including how they are established, how they are maintained, who is eligible, how accounts are funded, and how the funds may be used. The course covers the following topics:

  • the nature, purpose and benefits of HSAs
  • eligibility for an HSA
  • high-deductible health plans that are used in conjunction with an HSA
  • allowable contributions and distributions
  • qualified medical expenses

This is an intermediate level course. Upon completion, students will be able to:

  • demonstrate understanding of health savings accounts, their uses, and their tax-advantaged nature
  • identify the requirements for HSA eligibility
  • recognize the characteristics of the two parts of HSAs—the high-deductible health plan and the savings account itself
  • demonstrate an understanding of the contribution rules that pertain to HSAs, including limits, catch-up provisions, and the special rules for married people
  • articulate the tax issues surrounding HSAs
  • differentiate between permitted and nonpermitted HSA investments
  • recognize the difference between qualified and nonqualified medical expenses