There are two tax-favored accounts available. Which you use will depend on what medical plan you choose. The two accounts are a Health Savings Account (HSA) and a Health Care Flexible Spending Account (FSA). The HSA is available to those people enrolled in an IRS-qualified high-deductible health plan. The only university medical plan that qualifies is the Healthy Savings Plan. The Health Care FSA is available to those employees enrolled in the Custom Network Plan or the PPO Plan, or those benefit-eligible employees who are not enrolled in any university medical plan. More information is available on the understanding your HSA and understanding your FSA webpages.
(Keep in mind that a Dependent Care FSA is different than a Health Care FSA. A Dependent Care FSA is available to every benefit-eligible employee, regardless of which medical plan you choose.)