Health Savings Accounts, used for paying medical expenses, have the advantage of offering tax-differed growth on interest earnings. Money in these accounts can be used to pay for qualified medical expenses tax-free. Coupled with a high-deductible health insurance plan, a HSA is an attractive option for people seeking more control over their health-care costs.
Money in these accounts can go toward the deductible as well as paying for healthcare, and contributions to the HSA are tax-deductible to the legal limit. Money left over at the end of the year remains yours and still earns tax-deferred interest.
The 2015 Annual Contribution Limit is $3,350 for individuals and $6,650 for families. The Minimum Annual Deductible is $1,300 for individuals and $2,500 for families. Out-of-Pocket Maximums (which includes deductibles and copayments) are $6,450 for individuals and $12,900 for families.