Jackie Fortiér

You can pay for those doctor visits like we talked about earlier, prescriptions, even products like over-the-counter medicines, tampons, sunscreens.

You get issued a debit card from the bank where you open the account, and that's how you buy anything.

And that money is yours.

There's no deadline to use it.

It typically cannot be used for monthly premiums, but again, you do get to keep that money for any of these qualified medical expenses for you, your spouse, or your dependents anytime in the future.

If you get insurance through your job, your employer may match the amount that you put into the HSA up to a certain point.

Or they could just add funds.

You could ask your HR department about the details on that.

If you buy your insurance through the exchange, though, you do have to fund the HSA yourself.

It's funny, they get mixed up a lot because they're both these like taxed advantaged healthcare accounts that you fund, but they do work differently.

So a flexible spending account is more like a short-term budgeting tool for that year than

This is an employer-sponsored benefit, so it's owned by your employer.

You usually have to use it or lose the money by the end of the year.

It does not require a specific type of health plan.

It is also tax-free for qualified medical expenses, but only when you're employed at that job.

Okay.

Anything else that folks with high-deductible health plans should know?

One other thing that people might be considering is paying cash.

When it's time to pay for your care, some people think it's maybe more affordable to skip using insurance.

Some hospitals or clinics will offer cheaper prices if you pay cash because they want to get paid.