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[Infographic] Differences Between HSA vs Healthcare FSA

Renee Sazci · October 16, 2020 · 3 min read

hsa vs healthcare fsa infographic

When a Health Savings Account (HSA) and Healthcare Flexible Spending Account (FSA) are both offered, how does an employee choose which option is best for them? Likely, by sifting through reading material or a prospectus. Or reaching out to HR with their questions.

To reduce the time spent on these tasks, we've gathered 11 key elements to show how the HSA and FSA stack-up against each other.

Download our infographic as a PDF. For employers, regain precious time spent explaining the HSA and Healthcare FSA. For everyone, whether an HR leader or an individual, this graphic can help identify eligibility and select the right benefits.

HSA vs Healthcare FSA Infographic

HSA vs FSA Infographics 2024 contribution limits

HSA vs. Healthcare FSA

Health Savings Account (HSA)

Think of an HSA like a 401(k) for healthcare. An HSA can pay for healthcare costs today and for years to come.

  • Eligibility: Must be enrolled in an HSA-eligible High Deductible Health Plan.

  • Ownership: Owned by the account holder.

  • Funded By: Anyone can fund an HSA (employers included).

  • Contribution Limit: Set yearly by the IRS and differs for individual and family plans; Age 55+ catch up: $1,000.

  • Contribution Selection: Change your contribution amount anytime during the year.

  • Tax Advantages: Triple Tax Advantages: Tax-free contributions, distributions, and growth.

  • Covered Expenses: IRS-qualified medical, vision, and dental expenses. For the account owner and tax-dependents.

  • Funds Availability: As funds are deposited.

  • Portability: HSAs are owned by the account holder. Funds are yours for life and never expire.

  • Rollover or Grace Period: HSA funds rollover year-to-year and never expire.

  • Investment Capability: Yes - Interest and earnings grow tax-free.

Flexible Spending Account (Healthcare FSA)

An employer-provided spending account. Yearly pre-tax funds set aside for eligible healthcare expenses.

  • Eligibility: Available only for employees. Not self-employed individuals. Employer health plan enrollment is not required.

  • Ownership: Owned by the employer.

  • Funded By: Employer and/or employee-funded.

  • Contribution Limit: Set annually by the IRS, no higher limit for family plans.

  • Contribution Selection: Set annually. Can only change after a Qualifying Life Event.

  • Tax Advantages: Contributions and withdrawals for qualified medical expenses are tax-free.

  • Covered Expenses: IRS-qualified medical, vision, and dental expenses. For the account owner and tax-dependents.

  • Funds Availability: On the first day of the plan year.

  • Portability: Forfeited if you change or lose your job. The employer keeps the remaining balance.

  • Rollover or Grace Period: If allowed by the employer. Rollover to the next year of $570 (in 2022) and $610 in 2023 or 2.5 months grace period to spend.

  • Investment Capability: No investment option.

Download our infographic and keep it handy when comparing options during open enrollment.

hsa vs fsa infographic

Want to work with a flexible benefits provider that makes HSA and FSA education easy? Reach out to Lively.

Renee Sazci

Renee Sazci

Renée knows that the healthcare industry is complicated. With so many options, choosing the right path can be unnecessarily complex. At Lively, she employs storytelling to make it easier for you to make informed healthcare and financial decisions. When she's not writing, she's flexing her green thumb.

piggy bank on pink background


2023 and 2024 HSA Maximum Contribution Limits

Lively · May 16, 2023 · 3 min read

On May 16, 2023 the Internal Revenue Service announced the HSA contribution limits for 2024. For 2024 HSA-eligible account holders are allowed to contribute: $4,150 for individual coverage and $8,300 for family coverage. If you are 55 years or older, you’re still eligible to contribute an extra $1,000 catch-up contribution.

comparing hsa versus fsa


What is the Difference Between a Flexible Spending Account and a Health Savings Account?

Lauren Hargrave · February 9, 2024 · 12 min read

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.

Benefits of HSA employer matching

Health Savings Accounts

Ways Health Savings Account Matching Benefits Employers

Lauren Hargrave · October 13, 2023 · 7 min read

Employers need employees to adopt and engage with their benefits and one way to encourage employees to adopt and contribute to (i.e. engage with) an HSA, is for employers to match employees’ contributions.

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.



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