Recently a friend asked me if she should participate in her employer’s Healthcare Savings Account (HSA) or Flexible Spending Account (FSA). Signing up for employee benefits can be very confusing. Especially if you are trying to figure out your 401k, HSA, HDHP, FSA and DSA. What the heck does all of that mean? In this post we will explore the Healthcare Savings Account (HSA) and the Flexible Spending Account (FSA). These are two of the most common employer-provided savings accounts for healthcare costs. We will talk about how they can save you money, their unique features, and the risks of each type of account. By the end of this post you will have a clearer idea of how to make the decision of whether or not an HSA or FSA is right for you.
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