Employee Benefits & Finance
What are the key differences of an HSA and an FSA? Below are some key items to make sure your employees are educated on.
HSA: $3,350 Ind / $6,750 Family
Ownership and control
FSA: Your Employer
FSA: Up to $500 annually, if adopted by the plan.
Earnings grow tax-free
FSA: No earnings
Contribution changes allowed
HSA: When you want
Withdrawals for non-medical expense
HSA: Allowed at age 65, taxed as income
FSA: Not allowed
HSA: At any time
FSA: Within 90 days of plan year-end
For a majority of consumers, an HSA is viewed as simply a savings account for medical expenses that provides some tax benefits.