Health savings accounts offer some advantages over 401(k) plans, including the option to roll over funds at any time, says Kimberly Sexton of Total Benefit Communications. The funds also allow participants a range of investment options as well as death benefits and the ability to use tax-free proceeds for certain non-qualified medical expenses, Sexton says. "Health savings account contributions go in tax-free, grow tax-free and come out tax-free," she says.