Hsa vs fsa member flyer

HSA vs FSA Both accounts let you: Use pre-tax money to pay for qualified medical 1 expenses, including dental and vision Make pre-tax payroll contributions Pay for your spouse and dependents too Health Savings Account Healthcare Flexible Spending Account 2 3 Save up to $1,710 Save up to $500 on taxes on taxes Fund availability Funds available as you contribute Get full annual amount on day 1 of plan year No use-it-or-lose-it, keep your money Funds eventually expire if you don’t use them Fund expiration forever (even if you change health plans, (though some employers offer grace period jobs, or retire) or carryover extensions) 4 Investing Invest your HSA tax-free, like a 401(k) Cannot invest FSA funds or grow your account Contribution changes Change or update anytime Only during enrollment or ‘qualifying life event’ Health plan type Requires HSA-qualified health plan Works with any health plan type 5 $8,550 (Family plan) $3,300 (regardless of plan type) Contribution limits $4,300 (Individual plan) Account compatibility • Dependent Care FSA • Dependent Care FSA (if offered by employer) • Commuter Benefits • Commuter Benefits • Limited Purpose FSA • Health Reimbursement Arrangement Discover more ways to save. HealthEquity.com/Learn 1 FSAs and HSAs are never taxed at a federal income tax level when used appropriately for qualified medical expenses. Also, most states recognize FSA and HSA funds as tax deductible with very few exceptions. Please consult a tax advisor regarding your state’s specific rules. | 2Estimated potential tax savings are based on a $8,300 family HSA contribution and 20% effective tax rate 3 including applicable state and federal income taxes. Actual tax savings will vary based on your contribution amount and specific tax situation. | Estimated potential tax savings are based on a 4 $2,500 contribution and a 20% effective tax rate, including applicable state and federal income taxes. Actual tax savings will vary based on your specific tax situation. | Investments made available 5 to HSA members are subject to risk, including the possible loss of the principal invested, and are not FDIC or NCUA insured, or guaranteed by HealthEquity, Inc. | Contribution limits are accurate as of 11/04/2024 for FSA and 5/14/2024 for HSA. For the latest information, please visit: HealthEquity.com/Learn | HealthEquity does not provide legal, tax or financial advice. Always consult a professional when making life-changing decisions. | Copyright © 2024 HealthEquity, Inc. All rights reserved. HSAvsFSA OE Flyer 11.04.2024