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Green stylized HSA card with bandaid For Americans, HSAs provide the most powerful and flexible way to save money on medical expenses. (Photo: Shutterstock)

Health savings accounts (HSAs) were enacted in 2003 to help Americans cope with the increasingly popular high deductible health plans that offer low premiums, but higher out of pocket costs. By allowing people to fund an account to pay for qualified medical expenses, HSAs offered a significant tax benefit in that the contributions are made tax-free, the money in the account can be invested to grow tax-free, and qualified medical purchases can be made tax-free. According to Devenir, 28 million Americans are able to take advantage of this tax break. Why can’t the other 225 million Americans who are covered under some other type of health insurance have the same opportunity?

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