Unlike an FSA, health savings account funds don't expire at the end of the year, and HSAs are portable when you change jobs or insurers.
"I think health savings accounts are a hidden gem in this environment," Gibbs said.
Health savings accounts, or HSAs, are available for people less than 65 years old with high-deductible employer or individual health insurance coverage, including Obamacare plans. The plan must have a deductible of $1,300 or more for an individual, and $2,600 or more for family coverage.
For 2017, high-deductible plan members can save up to $3,450 in an individual HSA, with tax-free contributions of their own or from an employer. For family plans, the maximum HSA contribution is $6,700. Baby boomers 55 years or older can make an additional $1,000 catch-up contribution.
"Those that tend to spend more on health care may want to consider a traditional PPO [plan] or HMO," said Jen Clark, data scientist at benefits firm Benefitfocus.
Yet, as health costs continue to rise, more employers are now offering high-deductible plans that can carry lower premiums. Benefitfocus research found when offered a choice between a traditional and high-deductible plan, most younger workers chose the latter.
"Adoption is highest among millennials. It's nearly twice that of older generations," said Clark.
For older workers in good health, analysts say high-deductible plans may also make sense when combined with tax-free savings in an HSA.
"In most cases, we find that if you actually do the arithmetic and look at your usage… that you actually end up spending less," with an HSA-eligible plan, said Chad Wilkins, head of HSA Bank, one of the nation's largest health savings account administrators.
HSA Bank and most health savings account providers have financial calculators to help crunch the numbers, but if you're considering an HSA plan, benefits pros say don't just look at your annual cost.