Can I Have FSA and HSA 2019 Eligibility? - Understanding the Differences and Eligibility Requirements

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FSA and HSA: key differences

Are you wondering if you can have both an FSA (Flexible Spending Account) and an HSA (Health Savings Account) in 2019? Let's explore the eligibility criteria and differences between these two accounts to help you make an informed decision.

FSAs and HSAs are both tax-advantaged accounts that can help you save money on eligible healthcare expenses, but there are key differences between them:

• FSA: Funds in an FSA must be used by the end of the plan year or you risk forfeiting them. You can contribute up to $2,700 in 2019.
• HSA: Funds in an HSA roll over year after year and are yours to keep. You can contribute up to $3,500 for an individual or $7,000 for a family in 2019.

Eligibility rules for having both accounts

Now, let's talk about eligibility:

• To contribute to an HSA, you must be enrolled in a high-deductible health plan (HDHP).
• If you have an FSA, you can also have an HSA, but there are some restrictions:

• If your FSA is limited-purpose (covering only certain expenses like dental and vision), you can contribute to an HSA.
• If your FSA is a general-purpose account, you can still have an HSA, but there are limitations on how much you can contribute.

Importance of understanding account rules

It's essential to understand the rules and requirements for both accounts to maximize your healthcare savings. If you're unsure about your eligibility or how to make the most of these accounts, consult with a financial advisor or benefits administrator.

Are you considering the benefits of having both a Flexible Spending Account (FSA) and a Health Savings Account (HSA) in 2019? Both accounts can be excellent tools for managing your healthcare costs, but understanding their eligibility requirements and differences is crucial.