Health Savings Accounts consist of two parts - the high deductible health plan (HDHP), and the HSA itself. By carefully choosing which bank you use to establish your HSA, and strategically choosing how to fund your account and manage your investment, you will be able to get the most return on your money while keeping your expenses to a minimum.Make Sure to Establish Your Health Savings AccountBy switching from a conventional copay health insurance plan to a high-deductible health insurance plan (HDHP), most people are cutting their health insurance costs by about 40% or so. This is such a big savings, that many people neglect to take the next step and set up their HSA. But this is a financial mistake that is costing them money.Unless you have zero medical expenses (including over-the-counter medications, dental, or charges for alternative care like acupuncture or chiropractic) and pay no income tax, you will absolutely save money by establishing your Health Savings Account.Run All Your Medical Expenses Through Your HSANot everyone feels like they have “extra” money that they afford to set aside in their HSA, despite the tax savings and other financial benefits. Even if that’s the case, […]

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