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Medical care is very personal, and so are the expenses that go along with it. Many eligible individuals choose to manage their medical care costs with a health savings account (HSA). According to the Consumer Financial Protection Bureau, there were approximately 36 million HSAs active in 2023, and these accounts collectively held more than $116 billion in assets, an increase of more than 500% since 2013. This spike is no surprise as medical costs continue to rise and as the benefits of HSAs are becoming better understood.
Despite this rapid growth, it may come as a surprise to