As the 2025 health insurance open enrollment period kicks off — lasting from November 1, 2024 through January 15, 2025 — many consumers may be considering opening a Health Savings Account (HSA) alongside their insurance plans.

HSAs are not health insurance plans but rather specialized accounts that allow you to set aside tax-free money to cover qualified healthcare expenses.

Yahoo Finance senior columnist Kerry Hannon breaks down what these accounts are, how they work, and their benefits.

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This post was written by Angel Smith