Can You Have Both an FSA and HSA? Everything You Need to Know

Many people wonder if they can have both a Flexible Spending Account (FSA) and a Health Savings Account (HSA) at the same time. The answer is yes, but with some limitations and considerations.

FSAs and HSAs are both tax-advantaged accounts that can help you save money on eligible healthcare expenses. Here's a breakdown of the key points:

• FSAs are offered by employers, and funds must be used within the plan year or a grace period.
• HSAs are available to individuals with a high-deductible health plan (HDHP) and allow for contributions to roll over year after year.
• While you can have both an FSA and HSA, there are restrictions on what expenses you can use each account for.

When having both an FSA and HSA, consider the following:

• Coordination of benefits: Make sure you understand which expenses can be paid from each account to maximize your savings.
• Contribution limits: Be aware of the annual contribution limits for each account to avoid any penalties.
• Employer contributions: Check if your employer contributes to either account and take advantage of those benefits.

Having both an FSA and HSA can be a strategic way to cover a broader range of healthcare expenses and save on taxes. However, it's essential to understand the rules and limitations of each account to make the most of them.




Absolutely, you can have both an FSA and HSA! However, it's important to be aware of the specific guidelines regarding their use. Each account has unique benefits that can complement one another, especially when planning for medical expenses.