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markcubilete
New Member

Is an hsa the same as an fsa

 
1 Best answer

Accepted Solutions
MargaretL
Employee Tax Expert

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
Employee Tax Expert

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

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