CPB (Certified Professional Biller) Certification Practice Exam

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What does HSA stand for?

Health reimbursement arrangement
Health savings account
Health savings security account
no, not

The correct answer is: Health savings account

The correct answer is Health Savings Account. An HSA is a tax-advantaged savings account designed specifically for individuals with high-deductible health plans (HDHPs). The funds contributed to the account can be used to pay for qualified medical expenses. This account helps individuals save money on taxes while putting away funds for health-related costs. Knowing the correct definition of HSA is essential in medical billing and coding, as it impacts how patient accounts are managed and how claims are submitted. While terms like "Health reimbursement arrangement" or "Health savings security account" may sound similar, they represent different types of financial arrangements regarding healthcare costs.