There are two types of healthcare financing accounts for every employee in the US. Healthcare savings accounts (HSA) are the ones where an employee has total control over contributions that are paid on this account. Flexible spending accounts (FSA) are the ones where the employer is in charge of contributions payments.

HSAs require a high deductible healthcare plan, with up to $3,450/year for individuals and up to $6,900/year for households. Employees who opt for this plan can’t be eligible for Medicare and must be filed as a dependent of another taxpayer. Unused savings on the account are accumulated from previous years and can be withdrawn without taxes paid starting from the age of 65. 

FSAs allow contributions of up to $2,650/year for individuals and up to $5,300/year for families. The largest unused amount which can be transferred to the next year is $500. But here’s the catch: the account can only be used for medical expenses. 

As for other unplanned expenses of the households, one of the most used options is life insurance policy. For a premium paid insurance company obliges itself to pay the insured sum to the beneficiaries of the policy once and if the insured person passes away before or during a certain period. This is so-called term insurance, while whole life insurance covers the insured person for life. Life insurance can be used for other expenses as well, like mortgage payments, costs of college attendance by the insured person’s children or specific debt, which would otherwise be passed to another person.