Describe "health savings accounts" (HSAs).

Health savings accounts (HSAs) are specifically designed as tax-advantaged savings accounts that allow individuals to set aside money for qualified medical expenses. The primary purpose of HSAs is to help consumers save for health care costs while enjoying tax benefits. Contributions made to an HSA are tax-deductible, the funds grow tax-free, and withdrawals for eligible medical expenses are also tax-exempt. This triple tax advantage makes HSAs a popular option for people enrolled in high-deductible health plans (HDHPs), allowing them to manage their healthcare expenses more effectively.

Additionally, the funds in an HSA can roll over from year to year, meaning that they do not expire at the end of the calendar year, which adds to the flexibility and appeal of these accounts. Therefore, defining HSAs as tax-advantaged savings accounts for medical expenses accurately captures their purpose and functionality within the context of personal finance and healthcare planning.