What is the difference between HSA and FSA accounts? |
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Consideration |
HSA (Health Savings Account) |
FSA (Flexible Spending Account) |
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Eligibility |
Must enroll in a High Deductible Health Plan Cannot contribute to an HSA if enrolled in Medicare |
No requirements |
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Contribution Limit |
$4,150 single or $8,300 family (2024) *amounts include an employer contribution |
Medical FSA: $3,050 single or family (2024) Dependent Care FSA ("daycare"): $5,000 |
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Change Contributions |
Anytime throughout the year |
Only during open enrollment or life status change |
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Rollover |
Unused balances roll over |
Use it or lose it. Funds must be used by March 15 of the following year unless separating from the university. If separating, must be used within 30 days. NOTE: You must re-enroll each year. |
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Taxes |
Pre-tax deduction |
Pre-tax deduction |
0
0