Can You Spend Last Year FSA if You Have an HSA?

Many people often wonder if they can spend the remaining balance from their Flexible Spending Account (FSA) if they have switched to a Health Savings Account (HSA). The good news is that you can still utilize your FSA funds even after transitioning to an HSA.

FSAs are designed for short-term health expenses, while HSAs are meant for long-term savings for healthcare costs. Here's how you can maximize your FSA funds:

• Coordinate with your employer: Check if your employer allows a grace period or carryover for FSA funds.
• Use up your FSA funds: Spend the balance on eligible expenses like copayments, prescriptions, and other qualifying medical costs.
• Plan strategically: Understand your FSA plan details to make the most of the remaining funds before they expire.

Having both an FSA and an HSA can provide flexibility and additional options for managing your healthcare expenses effectively.

If you've switched to a Health Savings Account (HSA) but still have funds left in your Flexible Spending Account (FSA), don’t panic! You can absolutely use your FSA funds for eligible health expenses. Make sure to take advantage of your FSA before it expires!