So you just got a new gig, and your benefits package is out of this world! You’re wondering, what all can I take advantage of?
When it comes to an FSA, or flexible spending account, you can have one with any type of insurance plan. When it comes to an HSA, or health savings account, you can only have one if you have a High Deductible Health Plan. And when it comes to both? If you have an HSA you can only have a limited purpose FSA. A limited purpose FSA is typically for qualified dental and vision expenses only, so any medical costs would need to be paid via your HSA, insurance, or out of pocket.Updated October 16, 2017
This article provides general information and shouldn’t be construed as legal, benefits, or HR advice. Benefits and insurance regulations may change over time and may vary by location and employer size. So, please consult a licensed broker or appropriately certified expert for advice specific to your business’s benefits options.