How to plan for health care costs

Medical expenses are a fact of life in the U.S. — so is the hardship many Americans experience paying those bills. A record $140 billion in medical expenses went unpaid last year, according to a recent study in the Journal of the American Medical Association.

But whether you're just starting your career or preparing for retirement, there are ways to plan ahead to cover health care costs. For those who qualify, look into a tax-advantaged Health Savings Account (HSA) or a Flexible Spending Account (FSA). HSAs are available to people with a high-deductible health plan. "You own that, and you get to put pre-tax dollars there. It earns interest, and if you change employment you can take it with you," explained Dan Geltrude, an accountant and founder of Geltrude & Company. But FSAs are different.