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 2020?||$3,550 if individual coverage; $7,100 if family coverage.
At age 55 you can contribute an additional $1,000 annually.
|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.|