What is an HSA?

An HSA, or Health Savings Account, is a type of savings account that enables you to set aside funds, PRE-TAX, to pay for medical expenses that qualify.  A few examples of qualified expenses are deductibles, copayments, and coinsurance, and others.  One thing HSAs CAN NOT be used for is existing premiums for insurance policies. 

What is a FSA?

FSA, or Flexible Spending Account, is a special account one can put money into to pay for out-of-pocket health expenses such as deductibles, copayments, and  over-the-counter medications. FSA funds may NOT be used to cover existing insurance premiums. 

What items are FSA eligible?

We are continuously working on a comprehensive listing of FSA eligible items to make it easy for consumers to utilize their funds. Please check our products page.

Do FSA funds "Roll-Over?

Short answer – no.  FSA funds must be utilized within the year designated by the employer, although there may be a month or two grace period.  Please speak with your HR representative for more details.  

Can I open my own FSA Account?

Short answer – no.  FSA funds are pretax, from your employer into a fund managed by the employer.

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