In 2018, clients can contribute up to $3,450 to an HSA if the HDHP coverage is individual coverage, and up to $6,900 if the client's coverage is family coverage. (Photo: Shutterstock)

Health savings accounts (HSAs) provide a powerful tax savings tool for clients looking to reduce current taxable income while also potentially building a sizable nest egg for postretirement health-related expenses.

Unlike typical retirement savings vehicles, HSAs provide three key tax benefits—pre-tax contributions, tax-free earnings and tax-free withdrawals.  Because of this, eligible clients are understandably eager to maximize their annual HSA contributions.

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Robert Bloink

Robert Bloink, Esq., LL.M., has taught at the Texas A&M University School of Law and the Thomas Jefferson School of Law; in the past decade, Bloink has initiated $2B+ in insurance & alternative asset class portfolios, and previously served as a senior attorney in the IRS Office of Chief Counsel for the Large- and Mid-Sized Business Division. Bloink is also the co-author of Tax Facts, a reference solution that helps to answer critical tax questions and provides the latest tax developments.

William H. Byrnes

William Byrnes, Esq., LL.M., CWM, is an executive professor and associate dean of special projects at the Texas A&M University School of Law. A pioneer of online legal education, he also is the author or co-author of 20 tax books and legal treatises. Byrnes is also the co-author of Tax Facts, a reference solution that helps to answer critical tax questions and provides the latest tax developments.