There are basically two types of health-related funding accounts, the HSA owned by the employee, and the FSA or HRA owned by the employer. Ownership brings several advantages to the HSA. The most important are portability and flexibility. The funds are yours alone. You can take it with you when changing jobs. You, your employer, and family members* can contribute to it. It can be invested and generate tax free earnings unlike employer owned accounts. It can be used to pay a broad range of medical expenses including long term care premiums, and expenses for other family members.

*That means parents can kick-start an HSA for you.

It can only be used in concert with a high-deductible health plan (HDHP). However, the contribution limits are generally higher too, so the ability to build a health and medical portfolio that will help you manage and protect your health to and through retirement is substantial. For a deep dive on tax favored health plans consult IRS Publication 969.