Can You Have an HSA and FSA During the Same Plan Year After a Qualifying Life Event?

Health Savings Accounts (HSAs) and Flexible Spending Accounts (FSAs) are both fantastic tools that can help you save money on medical expenses. But can you have both an HSA and FSA during the same plan year, especially after a qualifying life event?

Typically, you cannot have both an HSA and FSA at the same time, unless certain conditions are met. However, if you have a qualifying life event, such as marriage, divorce, birth of a child, or change in employment status, you may be able to make changes to your benefits, including opening an HSA or FSA.

Here are some things to consider regarding having an HSA and FSA during the same plan year post a qualifying life event:

• Qualifying life events may allow you to make changes to your benefits, including opening an HSA or FSA.
• You may need to prove your qualifying life event to your employer or benefits administrator.
• Having both an HSA and FSA can provide you with more flexibility in covering medical expenses.
• Make sure to understand the rules and limits of both accounts to maximize your benefits.

Health Savings Accounts (HSAs) and Flexible Spending Accounts (FSAs) serve as excellent financial tools that help you manage and save on healthcare costs, but can you navigate the waters of having both during the same plan year after experiencing a qualifying life event?