Yes, you can open a health savings account (HSA) even if your employer doesn't offer one. But you can make current-year contributions only if you are covered by an HSA-qualified health plan, also known as a high deductible health plan (HDHP). And you can't be covered by other disqualifying coverage as defined y the IRS, such as Medicare, Medicaid, TRICARE or a spouse's health plan that is not HSA-qualified. Nor can you be claimed as a tax dependent in that year. For more information, refer to our Contribution Limits and Tax Reference Guide. Contributing to an HSA is worth considering because it can be a powerful savings vehicle as well as a way to help pay for health care costs. First, there are the tax advantages. Contributions can be made pre-tax, making them exempt from federal and most state income tax; any interest and investment earnings in your HSA accumulate tax-free. And withdrawals for qualified health care payments remain tax-free. Then there's the flexibility. Unused funds in the account continue to roll over from year to year, even if you discontinue coverage in an HSA - qualified health plan. And, after age 65, you can withdraw funds from the account without penalty for nonmedical expenses (but they will be subject to ordinary income tax).