ChatGPT (from OpenAI) has been all the rage in the US over the past few days after it is released for public testing/usage. I have seen many examples posted online, from PodCast hosts and celebrities to friends. So I decided to try it for a recently written topic, “Health Saving Account for expats in the US.”
The below FAQ is the exact “copy and paste” answers from ChatGPT for my questions.
Also, I learned that the chatGPT could not browse the internet 😀. I assume this is a feature/constraint built into the machine. I know this because of one of the answers it gave me below.
An important caveat: chatGPT does NOT know what is right or wrong when it comes to factual information so please do your own research. I include its response here to demonstrate the potential usage of a chatGPT-like application in healthcare only.
Question: Is a Health saving account necessary for expats in the US?
ChatGPT answer: It depends on your individual circumstances and health insurance needs. Health savings accounts (HSAs) are a type of savings account that can be used to pay for qualified medical expenses. They are only available to individuals who are enrolled in a high-deductible health plan (HDHP), and they offer several potential benefits, such as tax savings and the ability to save money for future medical expenses.
Can expat withdraw money from HSA when they leave the US?
ChatGPT answer: If you are an expat and you leave the United States, you may be able to withdraw money from your HSA for qualified medical expenses. However, you will no longer be able to contribute to the HSA once you are no longer a resident of the United States. Additionally, you may be subject to taxes and penalties on any funds that you withdraw from the HSA for non-qualified expenses. It is important to consult with a financial advisor or tax professional for specific information about your situation.
What are the qualified medical expenses that expat can withdraw money from HSA when they are no longer a resident of the US?
ChatGPT answer: Qualified medical expenses for an HSA are generally the same for all account holders, regardless of whether they are a resident of the United States or not. These expenses include things like medical and dental care, prescription drugs, and certain medical equipment. Some specific examples of qualified medical expenses for an HSA include:
- Doctor’s office visits
- Hospital stays and surgeries
- Prescription medications
- Dental and vision care
- Certain medical equipment, such as crutches or hearing aids
This is not an exhaustive list, and there may be other expenses that are considered qualified medical expenses for an HSA. It is always best to consult with a financial advisor or tax professional to ensure that you are withdrawing funds from your HSA for eligible expenses.
Is there interest earned by putting money into an HSA account?
ChatGPT answer: Yes, money that is deposited into a health savings account (HSA) can earn interest. The amount of interest that an HSA earns will depend on a number of factors, such as the interest rates offered by the financial institution where the HSA is held and the balance of the account. In general, HSAs are considered to be tax-advantaged accounts, which means that any interest that is earned on the funds in the account is not subject to federal taxes. This can make an HSA a good option for saving money for future medical expenses.
Which financial institution gives the best interest rate for HSA in Dec 2022?
ChatGPT answer: I’m sorry, but I am not able to browse the internet and I do not have information about current interest rates for health savings accounts (HSAs) from specific financial institutions. Interest rates can vary depending on a number of factors, such as the type of HSA and the balance of the account, and they can also change over time. It is always best to shop around and compare rates from different financial institutions to find the best option for your needs. You can also consult with a financial advisor or tax professional for specific information and guidance about HSAs.
How can I invest the money in the HSA account?
ChatGPT answer: You can invest the money in your health savings account (HSA) in a variety of ways, depending on the options offered by the financial institution where the HSA is held. Some HSAs may offer investment options, such as mutual funds or stocks, that allow you to grow your savings over time. However, it is important to keep in mind that HSAs are intended primarily for paying for qualified medical expenses, and any funds that are withdrawn for non-qualified expenses may be subject to taxes and penalties. It is always best to consult with a financial advisor or tax professional before making any decisions about investing money in your HSA.
So what do you think of the answers? Let me know below via your comments.
P.S: Below are the screenshots of my FAQ with ChatGPT in case you want to verify