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HSA/FSA Plan Comparison

Health Savings Account
Health Reimbursement Arrangement
Flexible Spending Account
Who is Eligible?An  individual who is covered under a qualified HDHP, is not covered by Medicare,   and cannot be claimed as a tax dependent
Any   employee, subject to employer's eligibility requirements.  Sometimes   tied to health plan (may require HDHP).
Any   employee, subject to employer's eligibility requirements
Who owns the account?EmployeeEmployerEmployer
Is the account portable? (Can it transfer after leaving employer?)Yes NoNo
Are Investments available?Yes NoNo
Do unused funds carry over to the next year?Yes - even if you update health plans, employers or retirePossibly. This is not required and depends on the plan set up.Possibly. Some plans offer a rollover of unused funds up to $610. Check your plan details.
Who can contribute to the plan?Employee, Employer, IndividualEmployer OnlyEmployee and/or Employer.
Is the plan COBRA eligible?NoYesYes
Adjust Contribution Amount?Yes, anytime.N/A - Employer sets amount at start of plan yearDuring annual enrollment only
(or with qualifying event)
Do funds expire?NeverYesYes
Can funds be taken out for non-medical related expenses?Yes, however, non-medical withdrawals are taxable and subject to a 10% penalty if under the age of 65 at time of withdrawal.NoNo
Maximum ContributionFor 2023, $3,850 if the person has single coverage, $7,750 if family coverage.
Limit set by the employer
Limit set by the employer (Up to $3,050 for 2023).

Questions about opening an HSA? Contact Us