Health savings accounts and flexible spending accounts are both tax-advantaged financial tools that can help you save money on your medical expenses. Some FSA funds may roll over into the new year, but it depends on your plan sponsor, according to FSAStore. If you invest your HSA funds, the earnings are also tax-free, giving HSAs a triple tax advantage. "Your HSA custodian doesn't micromanage your HSA expenses like they will your FSA," Rhinehart says. She says it's a good idea to keep receipts when you use your HSA funds just in case you're ever audited.

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Persons: FSAs, Charlene Rhinehart, Rhinehart, HSAs, they'll, doesn't Organizations: CNBC, Fidelity, Internal Revenue Service Locations: FSAStore