HSA Guide
Can You Have an HSA and an FSA? Explained in Simple Terms
Published December 3, 2022
Check eligibility on the go — browse 7,000+ HSA-eligible products in the free app.
Get the appShort answer: Yes, in some cases, you can have both HSAs and FSAs, but you must understand their unique features and eligibility requirements.
Can you have both HSAs and FSAs?
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.
Key differences between HSA and FSA
An HSA and FSA serve similar purposes but have key differences:
Manage medical costs and maximize savings
- 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.
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.