'Mellody's Mail': Health Savings Accounts

However, non-medical expenses are subject to income taxes. Prior to age 65, if you use any of the money in your HSA for non-qualified expenses, your withdrawals are subject to income taxes as well as a 10 percent penalty.

Whether an HSA makes sense for your daughter depends upon her current health-care coverage. If she has a high deductible health plan, she may benefit from this type of account. In considering an HSA, keep in mind that the general idea is to use the money set aside in this account for routine medical costs, while using your health insurance for major medical expenses.

E-mail Mellody with your personal finance questions.

Mellody Hobson, president of Ariel Capital Management (arielmutualfunds.com) in Chicago, is Good Morning America's personal finance expert. Ariel associates Matthew Yale and Aimee Daley contributed to this report.