What is an FSA?
(NewsNation) — Employer-sponsored health insurance plans offer savings account plans specifically for medical and dental expenses.
One such plan is a flexible savings account, or FSA. It is an account to deposit money into to pay for out-of-pocket healthcare costs, such as deductibles, copayments and some pharmaceuticals.
An FSA is limited to $3,300 per year per employee, and you must use the money within the healthcare plan year, making it a use it or lose it option.
What is an HSA and is it a good idea?
'Don't put more money in your FSA than you think you'll spend within a year on things like copayments, coinsurance, drugs, and other allowed health care costs,' according to the Health Insurance Marketplace, which is government-sponsored.
FSA contributions are not taxed, so you save a little money when paying for healthcare.
FSAs are only an option for people with insurance plans through a job, not a Marketplace plan. Alternatively, health savings accounts, or HSAs, are an option for people who have a Marketplace plan.
Copyright 2025 Nexstar Media, Inc. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.
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