Which of the following is not true concerning an HSA account?

When considering an HSA (Health Savings Account), it is essential to be well-informed about the key facts to make the most out of this financial tool. There might be misconceptions or myths surrounding HSAs, so let's clarify some important points:

• Contributions to an HSA are tax deductible.
• Funds in an HSA can be used for qualified medical expenses tax-free.
• There is no deadline for using the funds in an HSA; they roll over indefinitely.
• Employers own the HSA account, not the individual.
• HSAs are only for those with high-deductible health plans.

Out of the statements above, the one that is not true is - Employers own the HSA account, not the individual. In fact, HSA accounts are owned by the individual, and they have control over the funds and decisions related to the account.

When it comes to understanding an HSA (Health Savings Account), being well-versed in its features is crucial for maximizing its benefits. Misconceptions can cloud judgment, so let's clarify the realities:

• All contributions made to an HSA are indeed tax-deductible, which can significantly lower your taxable income.
• The great news is that funds accumulated in your HSA can be utilized for qualified medical expenses without incurring any taxes.
• Unlike a Flexible Spending Account (FSA), HSAs have a unique advantage: they allow your funds to roll over indefinitely, giving you the flexibility to save for future healthcare costs.
• A common myth is that employers own HSA accounts; however, the truth is that HSAs are owned by individuals, granting them complete control over the funds.
• It's important to note that HSAs are primarily designed for individuals enrolled in high-deductible health plans, making it essential to explore your insurance options.

Thus, the statement that is false is that employers own HSA accounts. The reality is that you, as the account holder, maintain full authority over your HSA.