Many insurance plans today come with the option of a health savings account feature. Health savings accounts allow you to accumulate funds to be used to cover medical expenses. Contributions are tax deductible, up to a certain limit each year. Health savings account policies usually have higher deductibles, so the premiums are lower. In addition, the tax write off helps you save even more on medical costs. To see if your insurance plan offers a health savings account, ask your Human Resources Department or talk to your health-care coverage provider.