A Health Savings Account - or HSA - is a tax-favorable account used in conjunction with your HSA-compatible health plan. The HSA allows you to contribute funds on a pre-tax - or tax deductible basis - which you may use to pay for eligible medical expenses.
There are federal regulations with regard to annual contribution limits that limit the amount of funds you may deposit to your HSA. Before opening your HSA, contact your health plan adminstrator to determine if your health insurance plan is HSA compatible.