Whats the difference between a HSA and a Special Purpose FSA?
A. A HSA is the savings account that you can use to pay your medical costs or to save for medical costs later on, like in retirement. The money in your HSA account grows year after year and earns interest. A Special Purpose FSA is a savings account that you use for vision or dental expenses when youre enrolled in the Medical Plus Savings Program. The key difference is not just what expenses you can use the money for, but that the money in the Special Purpose FSA does not rollover at the end of the year. You must use up the money in the Special Purpose FSA Account at the end of the year or you lose the money.
