What are the differences between FSA and HSA?
An example of an AI chatbot conversation about FSA and HSA usage and differences.
What are the differences between FSA and HSA?
FSA stands for Flexible Spending Account, while HSA stands for Health Savings Account. FSAs are owned by employers, and funds must be used by the end of the year, whereas HSAs are owned by individuals and funds roll over year to year.
Can I use both an FSA and an HSA?
Yes, you can use both, but there are specific rules. Generally, you can have an HSA if you have a high-deductible health plan, and you can use an FSA for eligible medical expenses.
What expenses can I pay for with my FSA?
You can use your FSA for a variety of medical expenses, including copayments, prescription medications, and certain over-the-counter items.
Are there contribution limits for FSA and HSA?
Yes, for 2023, the contribution limit for an FSA is $3,050, while for an HSA, it's $3,850 for individuals and $7,750 for families.
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