A Health Savings Account (HSA) is one of the most tax-efficient accounts in the Internal Revenue Code. It helps people with high-deductible health plans save for medical costs with favorable tax treatment — but it's more than a medical-spending account. For many taxpayers, it also works as a long-term wealth-building tool and a supplemental retirement account.

With the introduction of Trump Accounts under President Trump's One Big Beautiful Bill Act (OBBBA), a new opportunity has been created for American families to set up tax-advantaged savings accounts for their children younger than 18.