A quick take on health savings accounts

A Health Savings Account (HSA) can be a great way to save money for out-of-pocket medical expenses like doctor visits, dental and vision care and prescriptions. It offers unique tax advantages that allow you to keep more of your hard-earned money, plus you can use it now or save it to cover health care costs in the future.

Who can contribute

You can open an HSA on your own or through your employer, as long as you participate in a qualified high-deductible health plan (HDHP).

You and your employer can both contribute to your HSA. Or, if you're self-employed (or unemployed), you can contribute to an HSA, as long as you have a HDHP. Even family members can contribute on your behalf.

From allergy medicine to broken arms - Check out what expenses are covered by an HSA here.

The federal government establishes contribution limits each year. If you are 55 or older, you can make a catch up contribution.

Get more HSA questions answered here.