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twolf2856
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Is a Medical Flexible Spending Acct the same as a Health Savings Account?

 
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2 Replies

Is a Medical Flexible Spending Acct the same as a Health Savings Account?

They are similar but the HSA is your account that you carry with you irrespective of your employment. The flexible spending account is tied to your employment. 

SharonD007
Expert Alumni

Is a Medical Flexible Spending Acct the same as a Health Savings Account?

A medical flexible spending account is an account that you contribute pre-tax dollars from your wages to pay for out-of-pocket health-related expenses done through your employer.  It's a plan sponsored by your employer.

 

An HSA is owned by you.  It's a savings account that you contribute to on a tax-free basis through your employer. If you contribute on your own, you can get a deduction on your Form 1040. If you change employers, you can carry it with you. You must have a High-Deductible Health Plan to participate. Your distributions are tax free if they are used to pay for qualified medical expenses.

 

 Refer to TurboTax Help articles What is a high-deductible health plan (HDHP)?, What is a Flexible Spending Arrangement (FSA)?, and What is a health savings account (HSA)?

 

@twolf2856 

 

 

 

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