A Health Savings Account (HSA) is an account that allows you to save money for medical expenses on a tax-advantaged basis. Funds are deposited into the HSA on a tax-free or tax-deductible basis, funds grow on a tax-deferred basis, and remain tax-free when used for eligible medical expenses. It is the only existing account that […]
I am moving from a Medical FSA this plan year to an HSA next plan year. Are there any issues or concerns that I should be aware of?
When transitioning from a Medical FSA to an HSA, you need to make sure you understand when you become HSA eligible. Here are a few simple steps to use to determine when you become HSA eligible. Determine when your Medical FSA coverage ends. If your Medical FSA coverage ends before your HSA-compatible health plan coverage […]
A Dependent Care FSA does not affect your eligibility for an HSA. You can have both accounts without creating any conflict of benefits.
An HSA cannot be combined with a General Medical FSA or HRA. The IRS permits an individual to have a Limited Medical FSA or Limited HRA which allows you to save additional tax-free dollars for vision and dental expenses.