Do I Have an FSA or HSA?

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Differences between FSA and HSA accounts

Are you unsure about whether you have a flexible spending account (FSA) or a health savings account (HSA)? It's important to know the differences between the two and how they can benefit you.

An FSA is set up by your employer and allows you to set aside pre-tax money to pay for eligible medical expenses. The funds in an FSA must be used by the end of the plan year, or you may lose them. On the other hand, an HSA is a personal savings account that you can contribute to if you have a high-deductible health plan.

How to confirm whether you have FSA

If you're still not sure whether you have an FSA or HSA, here are a few ways to find out:

• Check with your employer's HR department: They can provide information about the benefits offered to you.
• Review your benefits package: Look for any mentions of an FSA or HSA in the materials provided by your employer.
• Check your payroll statements: If you see deductions labeled as FSA or HSA contributions, that can give you a clue.

Determining whether you have a flexible spending account (FSA) or a health savings account (HSA) is essential for making the most of your healthcare savings. An FSA can only be accessed in the plan year it was contributed, while an HSA allows you to roll over your funds indefinitely.