Wondering how an HSA is different from a Health Care Flexible Spending account (FSA)? Here’s how: Health Savings Account Flexible Spending Account When to Use You can use the HSA to pay for eligible medical, dental, and vision expenses under the Bronze or Bronze Plus coverage levels. You can use the Health Care FSA to pay for eligible medical, dental, and vision expenses under the Silver, Gold, or Platinum coverage levels, or if you elect no coverage. Contributions You can contribute to your account before taxes. For 2024, the annual limits set by the IRS are $4,150 for individual coverage, and $8,300 for family coverage. If you’re age 55 or older (or will turn age 55 during the plan year), you can also contribute an additional $1,000 catch-up contribution. You can contribute to your account before taxes, up to the $3,200 annual limit. Fund Availability You can use up to the total amount you have contributed to your HSA. The total amount of your annual election is available at the beginning of the plan year. Rollovers Unused dollars roll over from year to year. The funds are always yours to keep, even if you leave the company or retire. Unused dollars don’t roll over from year to year. You will have until March 31 of the following year to get reimbursed for any qualified expenses made during the previous plan year. You must have approved documentation by this deadline. Due to the IRS “use it or lose it” rule, any amount not used for claims that were incurred before March 15 the following year will be forfeited. Earning Interest The money in your HSA earns interest. The money in your FSA does not earn interest. Debit Cards Yes, a debit card is available. Yes, a debit card is available. Investment Option You can open an investment account when your balance reaches $1,000. You cannot invest your FSA balance.