A health savings account allows Canadian employees to put money aside pre-tax to be used throughout the year on qualified health care expenses. Healthcare savings plans are a good option for people who are enrolled in a high deductible health care plan as it allows them to pay for their medical expenses more easily. Health spending accounts were developed to help reduce the cost of health care both for companies and for individuals. Good to know The ability to write-off health and dental expenses can create substantial savings on medical and dental-related expenses, making it an effective tool to cut your taxes and reduce your medical costs.