Florida Life and Health Insurance License Practice Test

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To open a tax-exempt Health Savings Account, Federal law requires enrollment in a

  1. Medicare Advantage Plan

  2. Low-deductible health plan

  3. High-deductible health plan

  4. Government-subsidized health plan

The correct answer is: High-deductible health plan

A Health Savings Account (HSA) is a tax-exempt savings account that can be used to pay for medical expenses. In order to open an HSA, one must be enrolled in a high-deductible health plan (HDHP). This is because HDHPs typically have lower monthly premiums and higher deductibles compared to other health plans. This makes them a good match for HSAs, which are intended to be used for out-of-pocket medical expenses. Medicare Advantage Plans, low-deductible health plans, and government-subsidized health plans do not meet the eligibility requirements for opening an HSA as they are not considered high-deductible health plans.

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