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Health Savings Accounts (HSAs) are becoming more popular everyday. Since they became available in 2004, more than one million taxpayers have enrolled in health insurance plans that make them potentially eligible for HSAs. HSAs offer a new way to help manage the skyrocketing costs of health care. They are tax deductible, and distributions are tax free when used to pay qualified medical expenses.

You have the control over all decisions affecting the use of the funds. The unused balance in an HSA automatically rolls over year after year. You won’t lose your money if you don’t spend it all in one year. After age 65, you can continue to use the account tax-free even if you enroll in Medicare.

It is your best interest to seek the guidance of a tax or legal professional before opening an HSA.