Are health savings accounts similar to flexible spending accounts?
Yes, but there are a couple of key differences. First, with an HSA you can keep (roll over) any unspent money each year. You can’t do that with a flexible spending account. Second, money put into an HSA is yours and can be taken with you if you switch jobs or retire. You can’t take money from an employer-sponsored flexible spending account with you if you quit or change jobs. Also, it’s important to know that in most cases you can’t have both an HSA and a flexible spending account.
