Open TurboTax

Why sign in to the Community?

  • Submit a question
  • Check your notifications
or and start working on your taxes
Announcements
Still need to file? Our experts can get your taxes done right. Get started >
Close icon
Do you have a TurboTax Online account?

We'll help you get started or pick up where you left off.

cancel
Showing results for 
Search instead for 
Did you mean: 
markcubilete
New Member

Is an hsa the same as an fsa

 
1 Best answer

Accepted Solutions
MargaretL
Expert Alumni

Is an hsa the same as an fsa

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

  • can be established by an employer or individual and only in conjunction with a High Deductible Health Plan (HDHP); 
  • contributions can only be made when having HDHP
  • money not used for medical expenses can remain in the account
  • the contribution limit is $3,400 for an individual, $6,750 for a family

FSA

  • established by an employer only
  • can be used in conjunction with any type of health plan
  • money not used by the end of the year for medical expenses are forfeited
  • the contribution limit is no more than $2550

View solution in original post

1 Reply
MargaretL
Expert Alumni

Is an hsa the same as an fsa

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

  • can be established by an employer or individual and only in conjunction with a High Deductible Health Plan (HDHP); 
  • contributions can only be made when having HDHP
  • money not used for medical expenses can remain in the account
  • the contribution limit is $3,400 for an individual, $6,750 for a family

FSA

  • established by an employer only
  • can be used in conjunction with any type of health plan
  • money not used by the end of the year for medical expenses are forfeited
  • the contribution limit is no more than $2550
message box icon

Get more help

Ask questions and learn more about your taxes and finances.

Post your Question
message box icon

Ready to start your taxes?

Hand off your taxes, get expert help, or do it yourself.

See Pricing
Manage cookies
v
ABCDEFGHIJKLMNOPQRSTUVWXYZabcdefghijklmnopqrstuvwxyz0123456789-_~