Health Savings Accounts (HSAs) are great way to save for future medical expenses and to reduce your current taxes. As we all face increased out-of-pocket medical expenses, one method to prepare is to open an HSA, which is like an IRA but offers a triple tax advantage. Your contribution is tax-deductible in the year it’s made, regardless of your income. It grows tax-deferred or tax-free. And funds withdrawn for qualified medical expenses are tax-free. For the full story on this topic, visit our sister site, Living on the Cheap.