How to make the most of your HSA — for now, and the future

Robert Farrington thinks his Health Savings Account is as great as a 401(k) plan and individual retirement account when it comes to preparing for retirement, and he is adamant about not spending that money unless absolutely necessary.

When his wife broke her knee last year, the couple paid expenses out-of-pocket and left their money in their HSA. Farrington, the founder of the College Investor, a website dedicated to managing student loans, said it made sense — an HSA’s assets will grow significantly more than the amount of money they use to pay for current health bills.

Health savings accounts are a great way to save for medical bills in the future, experts say.

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