If you're hoping to save money on medical costs next year, open enrollment is an important time to do it. When you select coverage for the upcoming year, you may be given the option to contribute to a flexible spending account or a health savings account . Both accounts allow you to divert money from each paycheck into an account you can use to pay for out-of-pocket medical expenses. And contributions to both are exempt from income tax. If you're not familiar with how these work, you're not