What are the differences between HSA and FSA?
An example of an AI chatbot conversation about HSA and FSA differences.
What are the main differences between a Health Savings Account (HSA) and a Flexible Spending Account (FSA)?
The main differences include eligibility, contribution limits, and rollover options. HSAs are for high-deductible health plans, while FSAs can be used with any health plan.
Can I use both an HSA and an FSA at the same time?
Yes, you can use both, but there are specific rules. If you have an HSA, your FSA must be a limited-purpose FSA.
What happens to my FSA funds if I don't use them by the end of the year?
Typically, FSA funds are 'use-it-or-lose-it,' meaning you lose any unspent money at the end of the plan year, unless your employer offers a grace period or carryover option.
Are there tax benefits for using an HSA?
Yes, contributions to an HSA are tax-deductible, and withdrawals for qualified medical expenses are tax-free.
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