The maximum you can contribute in 2010 is $3,050 for an individual, $6,150 for a family, and an additional $1,000 for those over 55. By fully funding your HSA, you can take advantage of one of the greatest tax saving tools the government has ever given us. Nicknamed "Super IRA," the money in these accounts can be invested and drawn upon following the same regulations as IRA's with one exception: All medical expenses are completely tax free.

Cover the Gap

The gap we are referring to is, at a minimum, the amount of the deductible you choose. Accident and critical illnesses make up more than 87 percent of all major claims. For a very small premium, you can purchase a policy to pay for any accident or critical illness expenses up to the deductible, or more, without you having to use any of the money accumulated in the HSA. This not only covers any exposure you may have during the first few years as your HSA is funded but also protects that money once it is in there for a small premium.

Shop Around

The whole concept of consumer-driven health care is that consumers become more involved in where their health care dollars are going. More and more clinics and primary care offices are providing a fee schedule for their most common procedures. New tools on the Internet rank doctors by both quality and cost factors. There are usually more than one alternative to procedures or prescription drugs. Do your homework like you would when making any other purchase.

Change your Behavior

Using the money in your HSA for wellness/preventive care will require a paradigm shift. Most people really have "sickness insurance," not "health insurance." The majority of traditional insurance plans are designed to pay only when something happens, rather than to help prevent things from happening.

With the HSA you can use tax-free dollars for smoking cessation programs, weight loss programs and a long list of other services or products that are designed to help keep you well. Take advantage of these great benefits to not only save money but also to help you feel your best.

Invest

Take full advantage of your HSA contributions by letting the power of compounding interest go to work for you. The money in your account can be invested in stocks bonds or mutual funds.

Over the course of 25 years, a family contributing $3,000 annually to their HSA and averaging a 9 percent annual return while using $750 per year would result in a total account value of close to $250,000.

A popular technique is to "vault" your claims. With this technique you pay for the claims out of your family's checking account with after-tax dollars allowing the money to stay in the account and earn interest. Years later you can present your claims for reimbursement from the HSA, after that money has had a chance to grow tax free.

Assume my family has $1,000 dollars worth of claims every year over the next 10 years. At the end of 10 years that total equals $10,000. By leaving the money in the account, there would have been an additional $8,928 in tax-free growth – after you take out your $10,000. This example is based on an average contribution of at least $1000 and an annual return of 9 percent.