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the advantages of a health savings account are enormous providing security affordability flexibility savings control portability and ownership health savings account law was signed on December 8th 2003 and they receive tax favorable treatment like an IRA but are used for future medical expenses and more any adult can have an HSA if they have health savings account insurance and are not on Medicare and cannot be claimed as a dependent on someone elseamp;#39;s federal tax return the excitement and real benefits of an HSA are many first you save substantial premium dollars by buying a lower-cost HDHP high deductible health plan then you save tax dollars today by writing off your HSA contribution and you pay future out-of-pocket medical expenses with pre-tax dollars simply put you should investigate at HSA today from a quality health savings account insurance company