
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.
To learn more about Health Savings Accounts, watch this video!
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.
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.
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.
Short answer – no. FSA funds are pretax, from your employer into a fund managed by the employer.
