Your health insurance doesn't cover everything. Most plans have co-pays for prescriptions and doctor visits, and you also have to spend a certain amount of your own cash before you get full coverage, in the form of a deductible.
There are two kinds of tax-advantaged savings accounts that let you put money away for health care needs, depending on what kind of health plan you have.They let you put away up to $2,700 for an individual this year, or $5,000 for a family through payroll deductions. How do you know if you're in an HSA-eligible plan? For 2019, plans with a minimum of deductible of $1,350 for an individual and $2,700 for a family are eligible.Under tax rules a Health Savings Account is a lot like an IRA savings account. You can usually contribute any time of the year, and the money you don't use rolls over from year to year.