Tax-advantaged accounts like health savings accounts (HSAs) and flexible spending accounts (FSAs) can help taxpayers manage medical expenses while reducing taxable income. Although these accounts sound similar, they have important differences, including who can contribute and how funds can be used. Key features of HSAs: An HSA is a tax-advantaged account you can use to pay for qualified medical expenses. To open an HSA, you must be enrolled in a high-deductible health plan (