But as you're considering your options, financial advisors would like to make sure that you're taking one crucial financial tool into account. If your employer offers a high-deductible health plan (those with deductibles of at least $1,500 for individuals or $3,000 for families), those who enroll in it gain access to a health savings account. Some 81% of accountholders keep HSA money in cash, according to a recent survey from the Plan Sponsor Council of America. "This feature positions HSAs not just as a tool for current medical expenses, but as a strategic component in long-term financial planning." Under this convention, you'd pay for medical expenses out of pocket in the short-term in order to reap the benefits of long-term compounding growth.

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Persons: Sean Lovison, HSAs, whatever's, Michelle Fait, you've Organizations: of America, Investments, Fidelity, Satori Financial Locations: Moorestown , New Jersey, Seattle , Washington