How does the Health Care FSA differ from the HSA? Although both plans offer you pre-tax savings on eligible medical expenses, the Health Care FSA and the HSA differ in the following ways:
| |
FSA |
HSA |
| Must be enrolled in a high deductible health plan (Anthem Consumer Choice/Basic or Kaiser HDHP) |
No |
Yes |
| Unused funds roll over from year to year |
Up to $500 |
Entire balance |
| Company makes contributions |
No |
Yes |
| Funds can be invested and grow with interest |
No |
Yes |
| The money in your account is portable and can be taken with you if you leave Cotality |
No |
Yes |
| In addition to medical and prescription drugs, dental and vision expenses are eligible for reimbursement |
Yes |
Yes |
Even if you enroll in the Anthem Consumer Choice and open an HSA, you are eligible for a “limited use” FSA. With a limited use FSA you can get reimbursed for certain non-medical expenses, such as dental and vision expenses.
If you are enrolled in a high deductible health plan and consented to the Health Savings Account (HSA), but also elected a Healthcare FSA, your FSA is a Limited Purpose FSA. You can use money in your Limited Purpose FSA only for eligible dental and vision expenses. You cannot use it for medical or prescription drug expenses.