HSA vs FSA: Which One Should You Get?

HSA vs. FSA | Which one should you sign up for, a Health Savings Account (HSA) or Flexible Spending Account (FSA)? In this video, we’re going to compare and discuss the ins and outs of a health savings account vs flexible spending account, through 13 FAQs.

#financialplanning #HSA #FSA

Skip ahead here!
0:00 - HSA vs FSA: Which One Should You Get?
0:33 - What is an HSA or FSA?
1:10 - Benefits of each
2:30 - Who is eligible?
4:10 - What are qualified expenses?
8:38 - Are eligible expenses the same?
9:10 - What are two types of spending accounts?

***RECOMMENDED READING LIST***

Simple, Smart Investing by Ian Kennedy (can help you construct your investment portfolio)

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Alvin Carlos is a CFP® professional and CFA® charterholder. His team helps young/mid-career professionals to be smarter with their money. They help them optimize their investments, lower taxes, pay off debt, and have peace of mind.

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[DistrictCapital]

What other questions do you have about HSA and FSA that we can answer?

[CharlotteIsabellaX]

Biggest lesson i learnt in 2023 in the stock market is that nobody knows what is going to happen next, so practice some humility and low a strategy with a long term edge.

[mariadrukker]

Good video, I’ve been looking into setting up a health savings account, but I’m getting confused between an FSA and an HSA.

[hopezhang]

Answered every question I had. So organized and informative. Thank you!

[laizhouyang]

If you are young and has no major health issue, choosing HDHP and HSA definitely wins out.

[Rugrats]

I have both! One for dental and vision and the other for medical only. The HSA for medical and a Partial FSA for dental and vision. I save a lot on taxes by doing both

[ultraniusmaximus]

I believe you purchase vitamins if you have a written statement from your provider that you need it (or something to that effect).

[greenfein]

Hi! Would you choose PPO or HSA/HDHP if the PPO was $67/month with a $250 deductible or the HDHP was $1500 deductible and $37/month?

[dennisotieno]

Thanks. The bonus tip at the end answered my question

[manifistator]

Mine is a use it or lose it at the end of the year.

[chaunecytaylor-ldkm]

Thank you for such an easy explanation of this. 😊

[v.t.curtains]

I'm assuming alot of the stuff that wasn't eligible for hsa fsa coverage is now.

[selenecoello]

I have HMO insurance w a High deductive plan of $3, 000 w my employer. per IRS it looks like i'm eligible for an HSA because my deductible is $3k (consider high) however my plan does not specify is HSA eligible from my employer. Question: Can I still have an HSA from any other provider such as fidelity to contribute now and use the tax benefits for 2021?!

[Piwork]

Most dont qualify for either. A qualifying plan for HSA is really just a bad health insurance plan bc a high deductible means coverage is limited, and you'd be on the hook for the whole deductible if you had a major medical episode, which could be as much as $6, 000.

[mellowc]

Do you put money in the HSA in one amount at beginning of year or does it go in each check and available as you put in?

[liamnguy]

i think it is still depend, for example my case that I have a young kid and my wife is pregnancy's I will definitely spent a lot of money on medical so I should choose a plan that cost less than high deductible plan to eligible for HSA. so I could of save a lot more money

[jcastr]

Actually, you can purchase through Thorpe Vitamins and use your HSA.

[ciaratejano]

Thank you for the information I've learned a lot! Please enlighten me about this Tax-sheltered retirement plan. Thank you

[myothercarisadelorean]

Question about FSA. I usually budget every year with that I plan on use my FSA for. If I'm still not sure on the amount to contribute, is it bests to just max it out? You said the higher the contribution the lower the taxable income.

[airiannasmith]

Are vitamins and sups now eligible? I saw them listed on the FSA and HSA Amazon store