You can often reduce high medical insurance costs by switching to a high-deductible health plan, using an HSA, reviewing plan tiers during open enrollment, and checking marketplace subsidies. Health Savings Accounts (HSAs) offer tax advantages that most people overlook.
HSAs offer a rare "triple tax advantage" — contributions, growth, and withdrawals are all tax-free when used correctly.
Most people think of HSAs as purely a healthcare spending account, missing their potential as a powerful long-term investment vehicle. After age 65, you can use HSA funds for non-medical expenses, making them a viable supplement to traditional retirement savings.
And as if that wasn't great news, unused HSA funds roll over year to year — there's no "use it or lose it" rule, unlike Flexible Spending Accounts (FSAs).
Read more in Insurance Savings, which walks you through choosing the right medical plan.