Can You Have an HSA and FSA In 2017?

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Can you have both HSA and FSA

When it comes to managing healthcare expenses, having a Health Savings Account (HSA) and a Flexible Spending Account (FSA) can be beneficial. Both accounts offer tax advantages for qualified medical expenses, but can you have both an HSA and FSA in 2017?

The short answer is yes, you can have both an HSA and FSA in the same year, but there are some restrictions and considerations to keep in mind:

Absolutely, you can have both a Health Savings Account (HSA) and a Flexible Spending Account (FSA) simultaneously. However, there are some critical factors you need to navigate carefully.

Eligibility, limits, and coordination rules

• Eligibility: To contribute to an HSA, you must be enrolled in a High Deductible Health Plan (HDHP) and not be covered by any other health plan that is not an HDHP, including a general purpose FSA.
• Contribution Limits: The IRS sets annual contribution limits for HSAs and FSAs. For 2017, the maximum contribution limit for an individual with self-only coverage in an HSA is $3,400 and for a family is $6,750. The maximum contribution limit for an FSA is $2,600.
• Coordination of Benefits: If you have both accounts, you need to carefully coordinate the use of funds to avoid double-dipping or using funds for non-qualified expenses.
• Roll-Over Rules: HSAs have a rollover feature, allowing you to carry over unused funds from year to year. FSAs typically have a Absolutely, you can have both a Health Savings Account (HSA) and a Flexible Spending Account (FSA) simultaneously. However, there are some critical factors you need to navigate carefully.