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Level 1

Question

is fsa same as hsa

1 reply
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TurboTax Online

Level 6

No, FSAs (Flexible Spending Accounts) and HSAs (Health Savings Accounts) are not the same, though both are tax-advantaged accounts for qualified medical expenses. Both allow for pre-tax contributions, reducing your taxable income, are used for qualified medical expenses (e.g., copays, prescriptions, vision) and have annual contribution limits set by the IRS.

The main differences are that HSAs roll over annually and are portable (you own them), while FSAs are usually "use-it-or-lose-it" (employer-owned) and require specific health plans.

You must have a High Deductible Health Plan (HDHP) to open an HSA. FSAs do not require an HDHP.

See this TurboTax Blog article for more information about the differences between FSAs and HSAs.