There are plenty of myths that people have related to a health savings accounts, HSAs. You should be aware of how can you make the most use of your HSA Here are the six most common myths that have been debunked for your better understanding.

You will end up losing the funds if you do not spend enough money by the end of the year

This one is easily the most common myth related to the health savings account.

The truth is that this particular issue comes with a flexible savings account (FSA). When it comes to an FSA, you will end up losing all the money if it is not spent by the end of the year. But, that is not the case with an HSA.

You can only use the funds from this account for major medical expenses and hospital bills

Another major myth related to a Health Savings Account is that you can use this money only for major expenses as well as for hospital bills. But, in reality, you can spend all of this money on smaller expenses such as acupuncture, getting hearing aids, dentures, x-rays and many other treatments.

Your health savings account comes with very low-interest rates

It is not imperative to have your health funds only in one savings account which comes with low-interest rates. You can even build a portfolio linked with the savings account that has a lot of flexibility and can help you earn higher yields.

You cannot open a health saving account if you are self-employed

Since it comes as a perk with most jobs, people assume that a health saving account can only be opened with an employer. However, you can also open a health saving account by signing up for a high-deductible health plan which can be done through an HSA agent and get the same benefits.

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It is very difficult to use a health savings account

When it comes to a health savings account, you would think that removing funds when you need can be a big task. But in reality, accessing these funds is quite easy and you can remove it as and when you need a medical emergency and to pay your medical expenses.

Using a health savings account does not make sense for a perfectly healthy person

Take a health savings account as an emergency fund. It is highly unlikely that you will never fall sick or that even in your old age, you would be as fit as you are today. In fact, an HSA also helps you prepare for accidents and it proves beneficial when it comes to withdrawing funds in times of an emergency.

You will end losing your funds if you change or quit your job

In such situation, you can change your health savings account or withdraw the funds before leaving your job.

Do not fall for the above mentioned myths of a health saving account. Focus on the advantages and enjoy the perks of an HSA.

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