HSAs and FSAs are both great savings vehicles that can help you reduce medical expenses. When it comes to determining which account is right for you, it’s important to weigh the benefits of each account. Let’s review! What is a Flexible Spending Account (FSA)? A Flexible Spending Account, also known as an FSA, gives you… Continue reading HSA or FSA: What Should You Choose?
On May 21, 2020, the IRS announced the 2021 HSA contribution limits for Health Saving Accounts (HSA). The following increases are effective January 1, 2021: 2021 HSA Contribution Limits Individuals with single HDHP coverage will see a $50 increase in the annual contribution limit, bringing the maximum limit to $3,600 for 2021. Families with family… Continue reading 2021 HSA Contribution Limits Announced
OTC items purchased with a Flexible Spending Account no longer require a prescription for reimbursement. Under the new CARES Act, millions of account holders can now use their spending accounts to purchase over-the-counter (OTC) items. Consumers were previously prohibited from using their FSA or HSA to purchase OTC items without a doctor's prescription under the… Continue reading 5 OTC Items You Can Now Buy with Your FSA or HSA