Can You Enroll in Both an FSA and an HSA?

Many individuals may wonder whether they can enroll in both a Flexible Spending Account (FSA) and a Health Savings Account (HSA) at the same time. The short answer is yes, but with some specific conditions and limitations to consider.

Healthcare expenses can add up quickly, and having both an FSA and HSA can provide additional funds and flexibility to cover medical costs. Here are some key points to keep in mind:

• An FSA and HSA can be used together, but certain rules apply.
• If you have both accounts, you can use your FSA funds for eligible expenses not covered by your high-deductible health plan until your HSA balance accumulates.
• Once your HSA is funded, you can use those funds for qualified medical expenses.
• However, you cannot contribute to both accounts simultaneously – you must choose one or the other.
• If you enroll in both FSA and HSA, it's crucial to be aware of which expenses each account covers to avoid any confusion.
• Keep in mind that FSAs have a
  

  Many individuals may be curious about the possibility of enrolling in both a Flexible Spending Account (FSA) and a Health Savings Account (HSA) at the same time. While the answer is indeed yes, there are specific conditions and limitations to keep in mind when juggling these two beneficial financial tools.