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Use Your FSA or HSA

Use it before you lose it. FSA funds often are lost at the end of the year.

What's the difference between an FSA and HSA?

Pre-tax savings
Requires a high-deductible health plan
Max contributions per year $2,700 $3,500
Balances roll over

Flexible Spending Accounts

A Flexible Spending Account (FSA) is a tax-advantaged benefit program that allows employees to set aside pre-tax dollars to pay for qualified healthcare and dependent care expenses. FSAs are offered by employers as part of their benefits package. Employees can contribute a portion of their salary to the FSA, reducing their taxable income. The funds in an FSA can be used for a wide range of eligible expenses, such as medical copayments, prescription medications, and certain medical supplies. Dependent care FSAs can be used to cover childcare expenses. It's important to note that FSAs operate on a "use it or lose it" principle, meaning that any funds not spent within the plan year typically cannot be rolled over. However, some employers may offer a grace period or a limited carryover option. FSAs provide individuals with a convenient way to save money on healthcare and dependent care expenses while reducing their overall tax burden.

Health Savings Accounts

A Health Savings Account (HSA) is a financial tool that allows individuals to save money for qualified medical expenses. HSAs are typically associated with high-deductible health insurance plans, offering individuals the opportunity to set aside pre-tax funds to cover their healthcare costs. Contributions made to an HSA are tax-deductible, and any interest or investment earnings on the account grow tax-free. The funds in an HSA can be used to pay for a wide range of medical expenses, including doctor visits, prescription medications, and certain medical procedures. HSAs provide individuals with a convenient and tax-advantaged way to save for healthcare expenses while maintaining control over their healthcare choices.

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