Health Savings Accounts offer significant potential tax advantages. Contributions are made with pre-tax dollars, grow tax-deferred, and withdrawals for qualified medical expenses are tax-free, making HSAs triple-tax advantaged. To qualify for an HSA, one must be covered under a high deductible health plan (HDHP) and meet other specific criteria. It’s important to weigh the higher out-of-pocket costs against the long-term benefits.