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FSA versus HSA

What is an FSA?

  •     Used to pay for medical expenses not paid for by insurance for example this deductibles, copayments, and coinsurance
  •     Can also be used for qualified medical expense, such as dental and vision expenses and over the counter drugs
  •     “Use it or lose it”  money must be spent by the end of the year or the money is lost

Healthcare Reform Impact on FSAs

  •     In 2011 over the counter drugs require a prescription in order to be FSA eligible such as Advil
  •     Beginning in January 2013 a new maximum dollars allowed into account beginning in 2013 of $2500

What is an HSA?

  •     Must also be enrolled in a high deductible health plan
  •     Unlike a FSA the funds roll over year to year if not spent.
  •     Account is owned by the individual
  •     may be used for any qualified medical expense.

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