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With health care costs continuing to rise, employers have increasingly settled on high deductible health insurance plans (HDHPs) as a way to keep their health expenditures in check, with more than half of the U.S. workforce enrolled in one. Along with the HDHPs, more employees are also enrolled in health savings accounts (HSAs), which can be paired with HDHPs to pay for qualifying medical costs in a tax-advantaged way.
Though they are used primarily for health care-related costs, the tax advantages are so generous in HSAs that financial experts wish employees would start thinking of them as both a source of money for current medical expenses and a potential way to pay for retirement health spending.
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