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How it works
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How it works
A personal savings account that helps you save for out-of-pocket medical expenses when you have a qualified high-deductible health plan.
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How it works
Allows you to set aside pre-tax dollars to help pay for qualified medical expenses that occur during a 12-month period. Your employer can also choose to contribute to your health FSA.
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How it works
Like an FSA, but typically offered in combination with an HSA. Can only be used for qualified dental and vision expenses.
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How it works
A reimbursement account that uses pre-tax dollars for dependent care expenses including daycare, after-school care and adult care.
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How it works
An employer-funded account that helps you pay for qualified medical expenses not covered by your health plan.
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Who owns the account
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Who owns the account
You do. You can take it with you, even if you retire, change jobs or health plans.
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Who owns the account
Your employer
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Who owns the account
Your employer
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Who owns the account
Your employer
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Who owns the account
Your employer
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Type of health plan required
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Type of health plan required
A qualified High Deductible Health Plan (HDHP)
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Type of health plan required
No health plan required
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Type of health plan required
Typically used in combination with an HSA and HDHP
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Type of health plan required
No health plan required
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Type of health plan required
Check health plan requirements with your employer
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Who can contribute?
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Who can contribute?
You and your employer
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Who can contribute?
You and your employer
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Who can contribute?
You and your employer
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Who can contribute?
You and your employer
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Who can contribute?
Employer only
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Annual maximum contribution limits
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Annual maximum contribution limits
Typically changes annually.
Current IRS contribution limits here.
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Annual maximum contribution limits
Based on employer plan rules, but typically up to $2,750 in 2020.
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Annual maximum contribution limits
Based on employer plan rules, but typically up to $2,750 in 2020.
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Annual maximum contribution limits
Based on employer plan rules and income limitations, but typically up to $5,000.
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Annual maximum contribution limits
Although there is no set limit, it’s subject to anti-discrimination rules.
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When is the money in your account available for use?
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When is the money in your account available for use?
Funds are available as soon as contributions are deposited into your account throughout the year.
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When is the money in your account available for use?
The full contribution amount is available on the first day of coverage in your plan year.
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When is the money in your account available for use?
The full contribution amount is available on the first day of coverage in your plan year.
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When is the money in your account available for use?
Funds are available as soon as contributions are deposited into your account throughout the year.
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When is the money in your account available for use?
Funds are available as soon as contributions are deposited into your account throughout the year.
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Do unused funds in your account carry over to the next year?
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Do unused funds in your account carry over to the next year?
Yes, unused balances carry over. It’s yours to keep and you never lose it, even if you change jobs or stop working.
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Do unused funds in your account carry over to the next year?
Up to $500 if your employer allows.
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Do unused funds in your account carry over to the next year?
Up to $500 if your employer allows.
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Do unused funds in your account carry over to the next year?
No, funds must be used during the plan year.
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Do unused funds in your account carry over to the next year?
Yes, refer to your employer for specific details.
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Ability to invest funds/earn interest
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Ability to invest funds/earn interest
Yes, if the account balance exceeds $1,000. And money in your account earns interest tax-free.*
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Ability to invest funds/earn interest
No
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Ability to invest funds/earn interest
No
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Ability to invest funds/earn interest
No
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Ability to invest funds/earn interest
No
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Can it be combined with another health account?
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Can it be combined with another health account?
Yes, with an LPFSA and/or DCFSA.
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Can it be combined with another health account?
Yes, with a DCFSA or HRA.
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Can it be combined with another health account?
Yes, with a DCFSA or HSA.
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Can it be combined with another health account?
Yes, with a Health FSA, LPFSA, HRA or an HSA.
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Can it be combined with another health account?
Yes, with a Health FSA or DCFSA.
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What are the tax advantages?*
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What are the tax advantages?*
Offers a triple tax advantage:
- Pre-tax contributions
- Potential for tax-free interest and investment earnings
- Tax-free withdrawals Tax-free withdrawals for qualified medical expenses.
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What are the tax advantages?*
Contributions you make to your account that are used to pay for qualified medical, dental and vision expenses are tax free.
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What are the tax advantages?*
Contributions you make to your account that are used to pay for qualified dental and vision expenses are tax free.
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What are the tax advantages?*
Contribution you make to your account that are used to pay for qualified dependent care or adult care expenses are tax free.
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What are the tax advantages?*
Reimbursements for qualified health expenses are tax free.
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HSA Application
