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Flexible Spending Account rules aren’t complicated. But you’ll need to follow them to avoid incurring penalties or losing your contributions. Be sure you know each of the rules for Healthcare FSAs, Limited Purpose FSAs, and Dependent Care FSAs. Read to learn more about maximum contribution amounts and what purchases and services qualify.
Wondering “Is an FSA worth it?” Regardless of whether you choose a Healthcare FSA, Limited Purpose FSA, or Dependent Care FSA, their pre-tax nature can result in many financial benefits. Discover the tax benefits of FSAs and the medical, dental, vision, or care services they cover. Then decide which FSA is best for you and your family’s needs.
What is a High Deductible Health Plan? It’s a health insurance plan defined by lower premiums and a higher deductible. But don't let "higher deductible" scare you off. An HDHP could make sense for you because they provide an affordable way to get the coverage you need without paying more for extras you may not need. The plans also include preventative care and offer savings opportunities when paired with an HSA.
A Health Savings Account (HSA) and Healthcare Flexible Spending Account (FSA) provide up to 30% savings on out-of-pocket healthcare expenses. That’s good news. Except you can’t contribute to an HSA and Healthcare FSA at the same time. So what if your employer offers both benefits? How do you choose which account type is best for you? Let’s explore the advantages of each to help you decide which wins in HSA vs FSA.
You're wondering “What is an FSA?” There are three primary types, and each has a different contribution limit and eligible expenses. Learn whether a Healthcare FSA, Limited Purpose FSA, or Dependent Care FSA - or all of them, are right for you. Then learn how to begin reducing your taxable income, and using pre-tax FSA contributions for out-of-pocket expenses that could save you thousands a year.
Want to take advantage of the short-term, long-term, and retirement savings opportunities offered by a Health Savings Account? First, you need to ensure you’re eligible to open an account. Discover the HSA eligibility requirements. Including who can open an account, how much you can contribute, what are HSA-eligible expenses, and more.
Disclaimer: the content presented in this article are for informational purposes only, and is not, and must not be considered tax, investment, legal, accounting or financial planning advice, nor a recommendation as to a specific course of action. Investors should consult all available information, including fund prospectuses, and consult with appropriate tax, investment, accounting, legal, and accounting professionals, as appropriate, before making any investment or utilizing any financial planning strategy.