CPB (Certified Professional Biller) Certification Practice Exam

What does HSSA represent?

1. Health reimbursement arrangement

2. Health savings account

3. Health savings security account

4. fat

The correct answer is: Health savings security account

The correct answer refers to a specific financial account designed to help individuals save for medical expenses while enjoying certain tax advantages. A Health Savings Account (HSA) is a type of savings account that allows individuals to set aside money on a pre-tax basis to pay for qualified medical expenses. This account is often paired with a high-deductible health plan. HSAs have become increasingly popular as a way to offset the costs of healthcare and to manage medical expenses more effectively. While "Health savings security account" might seem reasonable, it is not an officially recognized term in the realm of health accounts. HSAs are often confused with HRAs, which are health reimbursement arrangements sponsored by employers for their employees. Therefore, the health savings account is the most accurate representation of the abbreviation HSSA, as it captures the essential function of this type of financial account without introducing unofficial or conflated terminology.