When it comes to investing your money, health savings accounts offer some of the best tax breaks around.
Also known as HSAs, these options are tied to high-deductible health plans.
They enable you to put away pre-tax money for qualified health expenses. The investments in those accounts grow tax-free. And when you take the money out, generally those funds are not taxed.
"I always point to the virtue of the HSA from a tax standpoint," said Christine Benz, director of personal finance at research firm Morningstar. "If you stack it up compared to a 401(k) or an IRA, it's going to come out ahead."
To get the most out of your HSA, it helps to save and use the money strategically. Taking advantage of these tips can help.