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Health savings accounts (HSAs), and health care flexible spending accounts (FSAs) are all PayFlex accounts that are designed to help you cover qualified health care expenses. However, there are some important distinctions among them. Let’s take a look at how these savings vehicles stack up.
The Basics
The Basics
HSA: Health Savings Account
HSA: Health Savings Account
You must be enrolled in a qualified high-deductible health plan.
You own the account, regardless of where the contributions come from.
HSA funds roll-over year over year
Contribution Limits
Contribution Limits
Any HSA contributions you elect to make, when combined with any employer contributions, cannot exceed the 2021 IRS limits of $3,600.00 for employee only coverage and $7,200.00 for families (Spouse and/or Child(ren)). Individuals 55 and older my make an additional “catch up” contribution of $1,000.
HSA contributions cannot be made once you are enrolled in Medicare coverage
FSA: Flexible Spending Account
FSA: Flexible Spending Account
DSST owns all FSA accounts.
FSA accounts do not roll-over year over year and the funds must be spent by the end of the calendar year
You have access to 3 different types of FSA Accounts:
Dependent Care FSA: You must be eligible and working and the expense needs to be for a qualifying person.
Health Care FSA :You must be benefits eligible and not be enrolled in a qualified high-deductible health plan.
Limited Purpose FSA: You must be benefits eligible and enrolled in a qualified High Deductible Health Plan (HDHP).
Contribution Limits
Contribution Limits
Dependent Care FSA:
$5,000 –Married and filing federal taxes jointly or a single parent
$2,500—Married and filing separate federal tax return.
Health Care FSA & Limited Purpose FSA:
$2,750, regardless of tier.
HSA: Health Savings Account
HSA: Health Savings Account
HSA and LPFSA.pdfFSA: Flexible Savings Account
FSA: Flexible Savings Account
FSA Brochure.pdfReport abuse