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 2024 ? | $4,150 if individual coverage; $8,300 if family coverage. At age 55 you can contribute an additional $1,000 annually. |
$3,050 |
If funds are left at the end of the year, will they rollover to the next year? | ||
Can the funds be invested to potentially grow? | ||
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. |