Offered since 2004, health savings accounts are still relatively new to the health care marketplace, leaving room for education and opportunity for misconceptions. Dennis Triplett, CEO of UMB Healthcare Services, addresses the common myths surrounding HSAs:

MYTH 1: HSAs are only for the wealthy

Given the fact that HSAs are paired with high-deductible health plans, it's a common misconception that HSAs are best-suited for people with high incomes who can more easily afford to pay for a high deductible than a person with an average income. In reality, HSAs are a powerful vehicle to save and pay for health care expenses, regardless of income level. According to a March 2011 study by Employee Benefits Research Institute, a little more than half of HSA plans are enrolled in by families with incomes of less than $100,000.