A recent survey found that 40% of respondents with access to a health savings account (HSA) do not fully understand how they work. Basically, HSAs are paired with high-deductible health plans to help people save money for their plan’s high deductible, copayments and other qualified expenses. However, the real value of an HSA lies in its tax-free advantages.

The Coronavirus Aid, Relief, and Economic Security Act (CARES Act), enacted in late March, offered provisions related to distributions from tax-advantaged retirement accounts. Specifically, the goal is to enable Americans to have advantageous access to cash to help sustain them during periods they may not be able to work due to the coronavirus.