No, HSA and FSA are
not the same. They are similar in the fact that they allow people to save money
for medical expenses, but they do have some different key components.
HSA (Health Savings Account) -
• can be established by an employer or
individual and only in conjunction with a High Deductible Health Plan (HDHP);
• contributions can only made when having
HDHP
• money not used for medical expenses can
remain in the account
• contribution limit is $3,400 for an
individual, $6,750 for a family
FSA (Flexible Spending Account) -
• established by an employer only
• can be used in conjunction with an type
of health plan,
• money not used by the end of the year for
medical expenses are forfeited, is a "use it or lose it" plan.
• contribution limit is no more than $2600
You can read about HSA here - https://ttlc.intuit.com/questions/1899728
