Whats the difference between an HSA and a regular or traditional FSA?
Though you contribute in the same way through payroll deductions and use the accounts for similar types of health care expenses, there are a few of key differences: Healthcare FSA HSA Limited Use FSA Who can use and open an account Benefits eligible faculty and staff Enrollees in the Value PPO plan Enrollees in the Value PPO plan Maximum Annual Contribution $10,000 $1, 400 Single $2,800 Family $10,000 Catchup contribution Age 55 or older No $1,000 No Roll over No. Any money remaining in the account at the end of the plan year is forfeited. Northwestern adopted the IRS Grace Period so the plan year ends 3/15/2010. Yes. Money in your HSA at the end of the plan year carries over indefinitely. No. Any money remaining in the account at the end of the plan year is forfeited. Northwestern adopted the IRS Grace Period so the plan year ends 3/15/2010. Portable No If you leave the University, you may continue your FSA participation under COBRA. The amount you contribute must be the same monthly
