Word of the Week:
FSA/HSA

Definition: Health care FSAs and HSAs let you save money for out-of-pocket medical expenses (basically the things your insurance doesn’t cover). Think of them as tax-free savings accounts for your well-being. FSA: Flexible spending account / HSA: Health savings account

Key Takeaway:  HSAs have higher contribution limits, let you roll over unused money from year to year, and are more flexible, but also require that you have a high-deductible health insurance policy to make contributions.

Fun Fact:  An estimated $400 million in FSA funds are forfeited each year because people forget to spend them or don’t know what’s eligible.