(NewsNation) — Health savings plans can have their advantages. Both health savings accounts (HSAs) and flexible savings accounts (FSAs) offer tax-deferred savings options for health expenses, but they vary in eligibility and flexibility.

Which one is better? That depends on what your situation is.

FSAs are only for people with employer-sponsored health insurance plans, and they’re best for those with high-deductible health plans. HSAs are open to all insurance plans and are portable, meaning they do not go away when you change jobs.

What is an FSA?

An FSA is an account to deposit money into to pay for out-of-pocket health care costs, such as deductibles, copayments and some pharmaceuticals.

An FSA is limited to $3,300 per year per employee, and you must use the money within the health care plan year, making it a use it or lose it option.

FSA contributions are not taxed, so you save a little money when paying for health care.

FSAs are only an option for people with insurance plans through a job, not a Marketplace plan. Alternatively, health savings accounts, or HSAs, are an option for people who have a Marketplace plan.

What is an HSA?

A health savings account, or HSA, lets those with a high-deductible health plan set pre-tax money aside to pay for medical expenses, from Band-Aids and Tylenol to doctor office visits.

As far as savings accounts go, HSAs have some of the best tax benefits, offering a triple tax advantage:

• Tax-free contributions: You can contribute pre-tax dollars via payroll deductions.
• Tax-free growth: Earnings from interest or investments are not taxed.
• Tax-free withdrawals: The money you take out is tax-free as long as it’s used for qualified medical expenses.

HSAs have benefits beyond taxes as well.

Many employers match HSA contributions, similar to a 401(k) match, essentially “free money.” And if you end up changing jobs, your HSA goes with you.

Unlike other health care spending accounts, like a flexible spending account, there is no “use it or lose it” requirement with HSAs. That means the money you save today can be used years or even decades later.