Can You Have an FSA and HSA in the Same Year?

Many people often wonder whether they can have both a Flexible Spending Account (FSA) and a Health Savings Account (HSA) in the same year. The short answer is yes, you can have both accounts in the same year, but there are certain rules and limitations to consider.

Both FSAs and HSAs are tax-advantaged accounts that allow individuals to save money for medical expenses. Here are some key points to keep in mind when considering having both an FSA and HSA in the same year:

• FSAs and HSAs have different eligibility requirements and contribution limits.
• If you have an HSA, you can still have a limited-purpose FSA or a post-deductible FSA.
• If you have a general-purpose FSA, it may disqualify you from contributing to an HSA.
• It's essential to understand the rules and regulations set by the IRS regarding concurrent participation in both accounts.

Overall, having both an FSA and HSA in the same year can offer additional flexibility and savings for medical expenses, but it's crucial to ensure compliance with the IRS guidelines to avoid any penalties or disqualifications.

Yes, you can absolutely have both an FSA and HSA in the same year! However, it's important to recognize that each account has its own set of rules and restrictions that could impact your contributions and eligibility.