What is an FSA?
A Flexible Spending Account (also known as a flexible spending arrangement) is a special account you put money into that you use to pay for certain out-of-pocket health care costs.
You don’t pay taxes on this money. This means you’ll save an amount equal to the taxes you would have paid on the money you set aside.
Employers may make contributions to your FSA, but aren’t required to.
We accept your FSA Credit Card for services only (it cannot be used for gratuities). We provide a receipt for service in addition to a receipt with a billing code for insurance purposes.
Use your FSA by submitting a claim to the FSA (through your employer) with proof of the medical expense and a statement. You will then receive reimbursement for your costs. Ask your employer about how to use your specific FSA.
What is an HSA?
A type of savings account that lets you set aside money on a pre-tax basis to pay for qualified medical expenses. By using nontaxed dollars in a Health Savings Account (HSA) to pay for deductibles, copayments, coinsurance, and some other expenses, you can lower your overall health care costs.
An HSA can be used only if you have a High Deductible Health Plan (HDHP) — generally any health plan (including a Marketplace plan) with a deductible of at least $1,350 for an individual or $2,700 for a family. When you view plans in the Marketplace, you can see if they’re "HSA-eligible."
For 2018, you can contribute up to $3,450 for self-only HDHP coverage and up to $6,900 for family HDHP coverage. HSA funds roll over year to year if you don't spend them. An HSA may earn interest, which is not taxable.
Some health insurance companies offer HSAs for their high deductible plans. Check with your company. You can also open an HSA through some banks and other financial institutions.