Can I Have an FSA and an HSA in the Same Year?

Health Savings Accounts (HSAs) and Flexible Spending Accounts (FSAs) are both valuable tools that can help you save money on healthcare expenses. But can you have both in the same year? The short answer is yes, with some exceptions and limitations.

Having both an FSA and an HSA in the same year is permitted, but there are some important considerations to keep in mind:

• Having both accounts means you can use the funds from each for different purposes.
• Generally, you cannot contribute to both an FSA and an HSA in the same year, except in certain circumstances.
• If you have an HSA and want to enroll in an FSA, it's important to choose a limited-purpose FSA to avoid conflicting with HSA rules.

Both FSAs and HSAs have their own rules and benefits, so it's important to understand how each account works and how they can complement each other. Utilizing both accounts strategically can maximize your savings and provide more flexibility in covering healthcare costs.

Yes, you can absolutely have both an FSA and an HSA in the same year, but there are key factors to consider to ensure you're complying with regulations while maximizing your savings potential.