4. Health savings account (HSA)
Another health-related benefit you may be able to tap into is the health savings account (HSA), into which you can put pre-tax money and use towards medical costs whenever you want, not just during the plan year. The contribution limits are higher than FSA's — $6,550 for a family in 2015 — and there's no limit to how much can be rolled over at the end of the year.
To qualify for a HSA, the IRS requires you to be on a high-deductible health care plan (HDHP) — a plan that offers a lower health insurance premium and a high deductible. This option is particularly advantageous for those who are generally healthy and don't have to go to the doctor's office or hospital that often, such as 20- or 30-somes without children who are looking to save for future health care expenses.
"It's one of the more popular benefits these days," Meyer says. "It allows you to contribute on a paycheck by paycheck basis, and you can keep it for as long as you want, even if you change jobs."
While you can use it to pay for qualifying healthcare expenses today, you can also use it as a complementary tool for retirement planning, as the tax-free funds will always be available for you to use.
"If you can afford it, you can contribute to it even in the early years of your career when you may not have a lot of medical expenses," Meyer explains. "You can contribute year after year and develop a 'healthcare nest egg' that grows over time and will always be there for you."