Can I Enroll in FSA and HSA During the Same Calendar Year IRS?

Many people wonder if they can enroll in both a Flexible Spending Account (FSA) and a Health Savings Account (HSA) during the same calendar year as per IRS regulations. The simple answer is yes, you can have both types of accounts concurrently, but there are some key details to keep in mind.

When it comes to FSA and HSA enrollment, here are some important points to consider:

• Both FSA and HSA can be held at the same time, but there are restrictions on what expenses can be paid for using each account.
• If you have a High Deductible Health Plan (HDHP) and are eligible for an HSA, you can enroll in both an FSA and HSA.
• Contributions to an HSA are tax-deductible, have no
  

  Yes, you can indeed enroll in both a Flexible Spending Account (FSA) and a Health Savings Account (HSA) in the same calendar year, but it’s essential to be aware of how each account functions. An FSA can help pay for out-of-pocket medical expenses, but is subject to a ‘use it or lose it’ rule, while an HSA allows you to roll over funds and save for future medical expenses.