Banks, credit unions, and brokerages all offer HSAs. Who can sign up: HSAs are only available to people employed in high-deductible health care plans, while anyone with a health insurance plan can sign up for an FSA if their employer offers it. The money deducted from your paycheck and paid into a Health Savings Account can only be used for medical expenses. If you’re self-employed, the deductions can be taken when your annual taxes are prepared. In the long run, your HSA can turn into a separate stream of retirement income. A vacation to a healthier climate would also not qualify. It does not include insurance premiums.The federal government limits who can open an HSA, how much you can contribute, what you can use the money for and more. A guide to HSA rules An HSA is a tax-advantaged . 1. You might be able to super save in your HSA as a young adult HSA’s annual contribution limit is set by the IRS each year and can vary depending on how many dependents are . Updated on March 14, Key takeaways: Health savings accounts (HSAs) make the cost of everyday healthcare items tax deductible by using your pretax dollars to pay for them. .