Can I Have FSA and HSA at the Same Time?

Are you considering whether you can have both a Flexible Spending Account (FSA) and a Health Savings Account (HSA) at the same time? Let's explore this common question to help you make informed decisions about managing your healthcare expenses.

While both FSA and HSA offer tax advantages for healthcare expenses, it's important to understand the rules and limitations surrounding them.

In general, you cannot have both an FSA and an HSA at the same time, but there are exceptions based on the type of FSA you have:

• If you have a Limited-Purpose FSA that only covers vision and dental expenses, you may be eligible to have an HSA alongside it for other medical costs.
• If you have a Dependent Care FSA, it does not affect your eligibility for an HSA.

It's crucial to carefully review your FSA plan documents and consult with a financial advisor to understand your specific situation and the compatibility with an HSA.

Many people find themselves asking, "Can I have both a Flexible Spending Account (FSA) and a Health Savings Account (HSA)?" To help navigate your healthcare financing options, let’s delve deeper into the compatibility between these two popular accounts.