Health savings accounts, or HSAs, are a way to set aside pre-tax money for qualified medical expenses and come with some benefits that are less well-known.
Adult children can be covered until age 26 under their parents' insurance, even if they're married or not living with the parents.
For instance, he said, if it's a family health plan, that adult child could open and contribute up to the HSA maximum of $7,300 for family coverage.Because you can leave your HSA funds in your account as long as you want, one strategy for long-term savings is to pay cash for current medical expenses instead of using your HSA.
"Just keep your receipts, and you can reimburse yourself at any point in the future," Durso said. "And that withdrawal would be completely tax-free because it paid for eligible medical expenses."
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