The main differences between an HSA and an FSA are shown in the table below.
HSA | HEALTH CARE FSA | |
Who can contribute? | Employees enrolled in the Advantage Plan as long as HSA eligibility requirements are met. | Employees who aren’t eligible to contribute to a Health Savings Account |
What is the maximum that can be contributed during 2023 (2024)? | $3,850 ($4,150) if individual coverage; $7,750 ($8,300) if family coverage. At age 55 you can contribute an additional $1,000 annually. |
$2,850 ($3,050) |
If funds are left at the end of the year, will they rollover to the next year? | ![]() |
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Can the funds be invested to potentially grow? | ![]() |
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Will the account remain open if you leave the Company? | Yes – you own the account. | Generally, no. |
Will I be required to substantiate my expenses with Health Equity? | No – you own the account. However you should retain documentation of your expenses for tax purposes. | ![]() |