Tax Day 2024 and How to Get an Extension from the IRS
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What You Should Know About HSAs and FSAs
You've heard the terms Flexible Spending Accounts (FSAs) and Health Savings Accounts (HSAs). Both are two options employers use their employees' tax-free dollars to manage healthcare costs. What do each offer?
Open enrollment is here, and there's a high chance you can't escape the chatter of benefits - whether it be from coworkers or your employer. You might be considering making changes to maximize your healthcare benefits; you may not. However, you've likely heard the terms Flexible Spending Accounts (FSAs) and Health Savings Accounts (HSAs). Both are options employers have to use their employees' tax-free dollars to manage healthcare costs.
FSAs and HSAs help employees and employers save on taxes, and are easy implementable and cost-efficient. Neither require changes to how an employee currently utilizes his or her benefits. And while an employee can't enroll in the two simultaneously, an employer has the choice to offer both. So what's the main difference and which should you pick given the option? Here's a breakdown:
These free resources should not be taken as tax or legal advice. Content provided is intended as general information. Tax regulations and laws change and the impact of laws can vary. Consult a tax advisor, CPA or lawyer for guidance on your specific situation.
