Read enough personal finance blogs and at some point, you’ll probably stumble across someone writing about the “secret” retirement account known as the Health Savings Account (“HSA”). For those of us who are entrenched in the personal finance world, the HSA really isn’t all that much of a secret. Most of us who are into this money stuff know that it’s a pretty advantageous savings vehicle.
The thing that I think doesn’t get pointed out enough is how perfect the HSA is for millennials. By giving yourself access to an HSA, you get two awesome things. You gain an extra tax-advantaged account that can really help you maximize your savings. And you lower your monthly health insurance premiums at a time in your life when you probably have very low healthcare costs.