There’s an increasingly relevant solution to the rising cost of health care: the High-Deductible Health Plan (HDHP). These plans do just what they say they’ll do: they pair lower, more affordable premiums with higher deductibles. More importantly, they open the door for employees to begin contributing to a Health Savings Account (HSA), which can have benefits that last long into retirement.

Favored for its flexibility, the real benefit of the HSA is its inherent tax advantages.

“From a tax perspective, it’s hands-down the best deal,” John Vellines, president of Health Savings Administrators, told Bloomberg. “You get a triple tax play of the deduction on your contribution, tax-deferred growth, and tax-free withdrawals when you use the account for health-care expenses.”

Of course, HSAs aren’t a one-size-fits-all solution. If you have a chronic condition that leads to high annual health care expenses, this may not be the most sensible choice. But it’s certainly something for both employers and employees to consider as they face another round of premium hikes.

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