Health Savings Accounts Hsa Fsa

Health Savings Accounts (HSAs) and Flexible Spending Accounts (FSAs) are tax-advantaged accounts that let you set aside money for medical expenses before taxes are taken out of your paycheck. The money you contribute reduces your taxable income, and when you use it for may have access to medical costs—copays, deductibles, prescriptions, dental work—you don't pay taxes on those withdrawals. Understanding how these accounts work, what you can and cannot spend the money on, and how to manage them across different life situations helps you make the most of the tax savings available to you.

The articles here cover how HSAs and FSAs differ, what happens to unused money at the end of the year, how to pay for medical expenses using these accounts, what occurs when you change jobs or lose coverage, and how to handle reimbursements and record-keeping. You'll also learn about the rules that apply to each account type and how they fit into your overall healthcare and financial picture.