Is a FSA the same as a HSA?

[SamiaI]

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