Which of the following is a consequence of not have a health savings account (HSA)?

Higher health insurance premiums can often result from not having a health savings account (HSA). An HSA is typically associated with high deductible health plans (HDHPs), which generally have lower premium costs compared to traditional health insurance plans. By forgoing an HSA and opting for a different type of insurance policy, an individual may end up paying higher premiums since they are not utilizing the cost-saving features that an HDHP with HSA offers.

Those who have HSAs can contribute pre-tax dollars to their accounts, reducing their taxable income and potentially lowering their overall health care costs. They are also incentivized to use health care services more wisely, knowing they are saving specifically for medical expenses, which can influence overall spending. Without these savings incentives, individuals may end up in plans with higher premiums that do not offer the same financial benefits or flexibility in managing their health care costs.

Considering the other options, limited health care spending options often refers to the restrictions placed on using HSA funds or accessing certain types of care, which does not directly arise from lacking an HSA. Similarly, minimum tax deductions for medical expenses may not necessarily be a direct consequence of not having an HSA, as there are various factors that influence tax deductions unrelated to HSA ownership