If you’re anything like me, you’ve never gotten sick before and have an impenetrable immune system that will keep you alive forever. But… if you’re like anyone else, chances are you’ve experienced the ups and downs of paying for healthcare in America. 

As the price of quality care continues to get more expensive, many people have used an HSA or FSA to help make taking care of your health more manageable.

Let’s take a look at some of the main questions people have about HSAs and FSAs, and break down some of the key features of both:

What the heck are HSAs and FSAs?

• HSA stands for Health Savings Account, and it’s a personal account that is owned and operated by you, though your employer could contribute to it if they choose.
• FSA stands for Flexible Spending Account, and it’s owned by your employer, who deposits a fixed amount from your paycheck.
• Both accounts allow you to set aside pre-tax money (I like the sound of that!) for qualified healthcare expenses – traditionally co-pays, or other medical bills.
• They now can also both be used for a wider range of wellness products, including those not covered by insurance! Check out our post here about how Truemed allows you to use your HSA/FSA to purchase a wider range of health products.

So, what’s the difference between HSAs and FSAs? (Besides one letter)

• HSAs are owned by the individual, which means they can be carried over to different employers or healthcare plans. FSAs are associated with your employer and cannot be carried over.
• Unused funds from HSAs are able to be rolled over to the next year, while unused funds in FSAs may be subject to limitations or may be forfeited at the end of the year. (Meaning, you either use it or lose it.)
• HSAs usually have a higher contribution limit than FSAs.
• HSA funds can be invested, while FSA funds cannot.
• HSAs are also available to people who are self-employed, while FSAs are not. 

(FSAs just like to set more personal boundaries, I guess. Good for her…)

Wow, sounds great! How do I get one?

• HSA eligibility requires enrollment in a high-deductible health plan (HDHP), which is a type of plan that lowers your healthcare premiums in exchange for higher deductibles.
• FSA eligibility is typically offered by employers and doesn't require any fancy-shmancy type of health plan.

HSA and FSA Comparison Chart

‍

How do I use my HSA/FSA anyway?

• Many HSA or FSA providers will give a debit card associated with your account to use during payments.
• You can also pay out-of-pocket, as long as you submit your receipts and documentation for reimbursement. (I also like to make things hard for myself.)

Ready to Put Your HSA or FSA to Work?

Once you understand how HSAs and FSAs work, the next question is usually what to actually spend them on.

That is why we launched the Stridekick HSA/FSA Shop.

The Shop is a curated marketplace of high-quality health and wellness products, with nearly half of them eligible for HSA or FSA spending. It is free to use and designed to make preventative health purchases simpler and more intentional.

Instead of guessing what qualifies or scrambling to use up funds, you can confidently invest in products that support movement, recovery, and everyday wellbeing.

Browse HSA and FSA eligible products here

HSAs and FSAs are powerful tools when you understand how they work and use them intentionally.

Whether you are planning for the long term with an HSA or trying to make the most of an FSA before the year ends, the key is simple. Spend your pre-tax dollars on things that actually support your health, not just things that technically qualify.