A health savings account (HSA) is a popular tax-advantaged account consumers can use to save for eligible healthcare expenses. To be eligible to use an HSA, you must have a high-deductible health insurance plan (HDHP) or a plan with a minimum deductible of $1,400 for individuals or $2,800 for families in 2022. Your plan’s maximum out-of-pocket limit for the year also cannot exceed $7,050 for individuals and $14,100 for family plans. With a health savings account, individuals can contribute up to $3,650, and families can contribute up to $7,300 in 2022. This money is saved on a pre-tax basis, meaning you can deduct contributions up to these limits on your tax return. The money is then able to grow tax-free over time, and you won’t pay taxes on distributions when you use the funds for eligible healthcare expenses.