Can You Have an HSA and an FSA? Explained in Simple Terms

If you're unfamiliar with health savings accounts (HSAs) and flexible spending accounts (FSAs), you might wonder whether you can have both. The good news is that in some cases, you can have both types of accounts. Let's break it down in simple terms.

An HSA and FSA serve similar purposes but have key differences:

• HSA (Health Savings Account): Allows you to save pre-tax money for qualified medical expenses. You must be enrolled in a high-deductible health plan (HDHP) to qualify for an HSA.
• FSA (Flexible Spending Account): Also used for eligible medical expenses but doesn't require an HDHP. However, FSAs are subject to a
  

  Health Savings Accounts (HSAs) and Flexible Spending Accounts (FSAs) both provide valuable ways to manage medical costs efficiently, and even better, you can contribute to both! However, it's crucial to understand their unique features to maximize your savings.