Can I Have an HSA If My Employer Offers a Flexible Spending Account?

If you are wondering whether you can have a Health Savings Account (HSA) if your employer offers a Flexible Spending Account (FSA), the answer is yes, you can have both accounts at the same time. While both HSAs and FSAs are accounts that help you save money on eligible healthcare expenses, there are some differences between the two.

An HSA and an FSA are both accounts that allow you to save pre-tax dollars to pay for qualified medical expenses. Here are some key points to consider:

• HSA:
• Must be paired with a High Deductible Health Plan (HDHP)
• Requires you to be eligible (IRS Publication 969)
• Contributions are tax-deductible
• Rolls over year after year
• FSA:
• Does not require an HDHP
• No eligibility requirements
• Contributions are pre-tax but not tax-deductible
• May have a
  

  It's a common question: can you have a Health Savings Account (HSA) if your employer provides a Flexible Spending Account (FSA)? The good news is that yes, you can absolutely have both of these accounts simultaneously! Each offers unique advantages for managing your healthcare costs.