![]() Unused funds may be used the following yearįSA are known as “use it, or lose it” and do not roll overĪs the account is usually set up by an employee, this type of fund may be transferred from employer to employer Must be enrolled in a high deductible health planĬontribution amount may be changed at any timeĬontribution amounts may only be changed during open enrollment, unless there is a change in employment or family status The table below compares the differences between both. Before opening your own account, you want to be sure which best suites your needs. ![]() It can be easy to confuse the two accounts but they do have distinct differences. ![]() Some employers offer both HSA and FSA accounts for employees, depending upon the insurance plan they offer. The employee also can choose how much they contribute to their account. However, the funds can only be used for qualified medical expenses.īoth accounts work similarly and are usually withdrawn from an employee’s check, pre-tax which also reduced their tax liability. ![]() Health Savings Accounts (HSA) and Flexible Spending Accounts (FSA) are essentially personally savings accounts. Luckily, you may be eligible to enroll into a Health Savings Account or a Flexible Spending Account based which can lighten the load of some expenses and these plans can come out of your pay – pretax! What is HSA / FSA? Medical expenses can come as a unexpected burden if you don’t have proper coverage. ![]()
0 Comments
Leave a Reply. |
AuthorWrite something about yourself. No need to be fancy, just an overview. ArchivesCategories |