Can You Be Enrolled in Both an HSA and an FSA? Understanding the Difference

One common question many individuals have is whether they can be enrolled in both a Health Savings Account (HSA) and a Flexible Spending Account (FSA) at the same time. The short answer is no, you generally cannot be enrolled in both an HSA and an FSA simultaneously. However, it's crucial to understand the differences between these two healthcare savings options to make an informed decision about which one may be best for you.

Health Savings Account (HSA) and Flexible Spending Account (FSA) are both types of accounts that allow you to set aside pre-tax money to pay for qualified medical expenses. Here are some key points to keep in mind:

• An HSA is only available to individuals enrolled in a High Deductible Health Plan (HDHP).
• An FSA is available to individuals regardless of their health plan.
• Funds in an HSA roll over from year to year, while funds in an FSA are typically
  

  While it's a common question to wonder about having both a Health Savings Account (HSA) and a Flexible Spending Account (FSA), the reality is that they serve different purposes, and you can't typically enroll in both at the same time. HSAs are exclusively for those with a High Deductible Health Plan (HDHP), which allows for greater flexibility in saving for future healthcare costs.