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hsa and fsa differences

What is the Difference Between HSA and FSA?

FSA’s and HSAs are pre-taxed accounts you can use to pay for healthcare related expenses. FSA stands for flexible spending account and HSA stands for health savings account. To qualify for an HAS you must have a high deductible health plan. With both FSA’s and HSAs, you can pay for things like co-pays medical bills and vision expenses.

An FSA is like a line of credit. For example, if your account balance is $50 in January but you’d like to by a $200 pair of prescription eyeglasses, you can as long as you’re on the track to save at least $200 by the year’s end. You’re covered but remember when the year is up if you don’t use it you could lose it.

With an HSA, the money you save always stays with you. Keep in mind you can only spend money you’ve already saved.

 

 

Cosmo Insurance Agency is an independent insurance agency serving surrounding communities in New Jersey. Cosmo keeps its promise to assure an efficient and creative approach to the services we offer. Each of our clients experience a personalized and long-term relationship with us. Our New Jersey based team of health brokers guides our clients in helping them choose the most cost-effective options. By incorporating the latest in technology-based tools and laws on healthcare, employee benefits, life insurance and finance, we keep our clients up-to-date with the plans that encompass all of their needs, whether it is individual or group insurance. 

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