Pros and Cons of Health Insurance

What Are the Pros and Cons of Health Savings Accounts?

The U.S. Treasury Department states that the advantages of HSAs include:
They provide security by protecting you against high or unexpected medical bills.
They may be more affordable due to lower health insurance premiums.
You have the flexibility to use the funds in your account to pay for current medical expenses, including expenses that your insurance may not cover.
You can save the money in your account for future medical expenses.
You can grow your account through investment earnings.
You make all the decisions about how much money to put into your account, whether to save the money for future expenses or pay current medical expenses, and which medical expenses to pay.
You can keep your HSA even if you change jobs, change your medical coverage, become unemployed, move to another state, or change your marital status.
Your funds remain in the account from year to year – there are no “use it or lose it” rules

Additionally, your HSA provides you triple tax savings:
tax deductions when you contribute to your account
tax-free earnings through investment
tax-free withdrawals for qualified medical expenses