If you have a high-deductible health insurance plan and qualify for an HSA, opening and funding an account is definitely worth it. Even if you do not invest your HSA funds and only add money to your account as you need it, funneling contributions into an HSA before you pay medical bills can help you reduce your taxable income and save money on taxes during the year you contribute. Also, note that once you reach the age of 65, you can withdraw money from your HSA penalty-free without using the funds for healthcare expenses. This can make an HSA account a smart alternative for backup retirement savings you can tap into if you don’t wind up using your money for healthcare expenses.