Business Insider contributor Kevin Panitch has a high-deductible health plan, and uses a health savings account, or HSA, to pay for medical costs.<br />However, he was unaware for some time that the humble HSA is actually a hat trick of tax advantages.<br />That's because the IRS allows the money in HSAs to be invested, and it grows tax-free.<br />You can make tax-free contributions, and you can also make tax-free withdrawals to cover qualified medical expenses.<br />If you use the funds after age 65 for non-medical expenses, you just pay normal taxes on the money. The account essentially becomes a second 401(k).<br />Panitch wasn't alone in thinking that he could only 'save' the money in his HSA. In fact, only about 4% of people with these accounts invest the money!
