For many years, a health savings account (HSA) was something I could only write about, not actively save in. That's because our health insurance plan did not render us eligible for an HSA due to its nonexistent deductible.

Now trust me when I say that not having to meet an in-network deductible was a huge perk -- one big enough to compensate for a lack of HSA eligibility. But last year, my family's health coverage changed, and while it's resulted in a higher deductible than we'd like, the silver lining is finally getting HSA access.

What I like so much about HSAs is that they offer three distinct forms of tax savings. Contributions are tax-free, the same way you get a tax break on the money you put into a traditional 401(k) or IRA. Investment gains in an HSA are also tax-free, and withdrawals are tax-free when your money is used for qualified medical expenses.

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Source Fool.com