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The nature of such investments is decided by the insured. The earnings on savings in the HSA are also exempt from income tax. The holder can withdraw his savings in the HSA after turning 65 years old without paying any taxes or penalties. The account holder has complete control over his / her account. He / She is the owner of the account right from its inception. A person can withdraw money as and when required without any gatekeeper. Also the owner decides how much to put in his / her account, how much to spend and how much to save for the future. The HSAs are portable in nature. This means that if the holder changes his / her job, becomes unemployed or moves to another location, he / she can still retain the account.