With the rising cost of health care, managing out-of-pocket medical expenses is a top priority for many individuals and families. Health savings accounts (HSAs) offer significant benefits, including tax advantages, flexibility in spending and long-term savings potential.

An HSA is a tax-advantaged savings account designed for individuals with high-deductible health plans. Unlike Flexible spending accounts, funds in an HSA roll over year-to-year, accumulate indefinitely and have ability to earn interest on investments, making them a powerful tool for future medical expenses or retirement savings.

Properly educating employees on their HSA options in conjunction with their High Deductible Health Plan is crucial. Maximizing HSA participation requires collaboration between employers, employees and advisors and benefits all parties by creating a financially literate workforce.