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piggy bank, coins and the letters HSA Combining a minimum percentage of salary deferred plus an incentive that motivates employees to capture the full percentage match offers the potential to help participants build balances faster. (Photo: Shutterstock)

Today is the third annual HSA Day, an event that falls at the halfway point of the typical tax-filing year (returns due April 15 most years). The timing is appropriate since Health Savings Accounts offer distinct tax savings for owners.

For those Americans with an HSA-qualified health plan, an HSA is the only account through which they have the opportunity to enjoy tax savings on contributions (including payroll-tax savings on pre-tax payroll deductions to fund their accounts), any earnings on those contributions, and distributions (for a wide range of qualified medical expenses).

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