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.