Can I Have an HSA and FSA? - Understanding Health Savings Accounts and Flexible Spending Accounts

Many individuals often wonder whether they can have both a Health Savings Account (HSA) and a Flexible Spending Account (FSA) at the same time. The short answer is yes, but with some limitations and considerations.

While it is possible to have both an HSA and an FSA, there are certain rules and restrictions that come into play:

• Concurrent enrollment in a traditional Health FSA and an HSA is generally not allowed.
• An exception to the rule is a Limited-Purpose FSA, which can be used alongside an HSA for dental, vision, and other qualified medical expenses.
• If you have a High Deductible Health Plan (HDHP) with an HSA, you cannot have a general Health FSA, but you may be eligible for a Limited-Purpose FSA or a Dependent Care FSA.
• Before enrolling in both an HSA and an FSA, carefully review your plan documents and speak with a benefits administrator to understand any restrictions or limitations.

While having both an HSA and an FSA can provide additional flexibility for managing healthcare expenses, it's essential to ensure that you comply with the rules set forth by the IRS to avoid any issues with your accounts.

It's a common question: can you juggle both a Health Savings Account (HSA) and a Flexible Spending Account (FSA)? The answer is yes, but you need to stay informed about the specific rules surrounding these accounts.