Is HSA and FSA the Same Thing? Exploring the Differences and Benefits

Health Savings Account (HSA) and Flexible Spending Account (FSA) are two commonly used healthcare financial tools that help individuals save money on medical expenses. While they share similarities, they are not the same.

HSAs and FSAs have distinct differences:

• Eligibility: HSA is available only to individuals with a High Deductible Health Plan (HDHP), while FSA is offered by employers to all employees.
• Ownership: HSA is owned by the individual, allowing them to keep the funds even if they change jobs, while FSA is typically owned by the employer.
• Contribution Limits: HSAs generally have higher contribution limits than FSAs.
• Roll-over: HSA funds roll over year after year, while FSA funds are subject to the
  

  While both Health Savings Accounts (HSAs) and Flexible Spending Accounts (FSAs) are valuable tools for managing healthcare costs, it's crucial to note their differences to make an informed choice for your financial health.