Rochester

1214 North Main Street, Rochester, MI 48307

(248) 601-9500


Lapeer

951 S. Main Street, Ste. 3; Lapeer, MI 48446

(810) 664-4470

November 2017

Flexible Spending Accounts

Know the Difference


You cannot have both a medical FSA and an HSA, unless the FSA is for limited uses such as dental and vision costs. The other major variable is the ability to roll your money over to the next year, which is different from what an HSA allows.


Use It or Lose It


The HSA has an unlimited rollover feature, allowing balances to accrue from year to year. An FSA may have one of two rollover options, but your employer isn’t required to offer either.


It may have a grace period as late as March 15 of the following year to incur qualified expenses, after which the unused balance is forfeited. Or employers may allow participants to roll over up to $500 of their unused FSA balance to the next year, but workers forfeit anything over that amount.


SUBSCRIBE

Enter your Name and Email address to get
the newsletter delivered to your inbox every month.


CONTACT US

Enter your Name, Email Address and a short message. We'll respond to you as soon as possible.

The information and opinions contained in this web site are obtained from sources believed to be reliable, but their accuracy cannot be guaranteed. The publishers assume no responsibility for errors and omissions or for any damages resulting from the use of the published information. This web site is published with the understanding that it does not render legal, accounting, financial, or other professional advice. Whole or partial reproduction of this web site is forbidden without the written permission of the publisher.