Which statement about HSA ownership is accurate?

Which statement about HSA ownership is accurate?

• A. The employee owns the HSA
• B. The employer owns the HSA
• C. The plan administrator owns the HSA
• D. The health plan sponsor owns the HSA

Answer: (A)

Ownership of a Health Savings Account belongs to the account holder—the employee who opened the HSA and whose name is on the account. The employer or plan sponsor and the plan administrator may contribute or manage the account, but they do not own the funds. The account remains with the individual and is portable between jobs, and the funds can be used for qualified medical expenses by the owner. This is why the statement that the employee owns the HSA is the accurate one.

Ownership of a Health Savings Account belongs to the account holder—the employee who opened the HSA and whose name is on the account. The employer or plan sponsor and the plan administrator may contribute or manage the account, but they do not own the funds. The account remains with the individual and is portable between jobs, and the funds can be used for qualified medical expenses by the owner. This is why the statement that the employee owns the HSA is the accurate one.