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Healthcare savings accounts versus flexible spending accounts. What’s the difference? Well, the first thing to know about a healthcare savings account is you can only open one if you have a high deductible health plan. High deductible health plans don’t cover anything except for preventive care services until after that deductibles been met.

So if you do have a qualified high deductible health plan, you can open a healthcare savings account. These are awesome accounts. It allows you to put up to $4,150 a year into a healthcare savings account for yourself and if you have a family, $8,300 per year. All that is pre tax dollars, you put that into your account and guess what?

This account stays with you your whole lifetime.