Health Insurance can be a thorn in many people’s sides. The cost of the premiums seems to stay on the rise as the service continues to fall. One of the best ways to avoid the system is to get out of it. Health Savings Accounts let you get your medical treatment on your own terms.

At the very basic, a HSA is a tax deferred, interest baring account that is used to pay current and future medical expenses. Investors are allowed to contribute a limited amount of funds each year, but have the choice of using those funds or allowing the funds to grow from year to year for future use. Access of the money is similar to IRA’s (when used for any purpose than medical expenses).

Although starting a Health Savings Account will require that a catastrophic health insurance policy be purchased, the premiums on these are much lower than traditional health insurance. This means that you can have your cake and eat it to. You can have the comfort of health coverage if you need it but still have the money if you don’t. That’s something traditional health insurance just can’t do.

Health Savings Accounts are not for everyone. You will need to work with a certified HSA trustee (bank, insurance company or other government approved company) to determine the best path for your medical needs.