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Message: [QUOTE="HuskyNan, post: 2920809, member: 4"] Flexible Spending Accounts (FSA) and Health Savings Accounts (HSA) allow you to put a certain amount of money, deducted from your pay before taxes, into an account to be used to pay for approved medical expenses such as: [LIST] [*]Paying the deductible on insurance claims [*]Eyeglasses [*]Co-pays on prescriptions [*]Some over the counter drug store items (first aid, medicines) [/LIST] There may be other allowed expenses, depending on the plan and the insurance company. The amount you can deposit to an FSA is capped at $2700 for 2019 and an HSA is capped at $3500 for an individual, $7000 for a family. It's a good deal because you could conceivably pay for $2700 worth of expenses with money that would otherwise have cost you $2700 + state and federal taxes. That could really help if you have some kind of health issue or need some kind of expensive medicine or treatments. I used to get allergy shots regularly and got reimbursed from the FSA - nice. The difference between an FSA and an HSA is that the money you pay into an FSA from Jan-Dec must be spent by a certain date (I've seen March 15 of the following year most commonly) or you forfeit whatever is left in your account. My husband I have scrambled to get eyeglasses or late doctor's appointments just to spend whatever was left in our accounts because of this. In an HSA, the funds can roll over to the next year, however I'm not sure if they can stay in there forever. Keep in mind that you can't draw cash from these accounts and they don't earn interest, at least, I'm not familiar with any accounts that accrue interest to the employee. It's also a reimbursement deal, so you can't put in claims to the FSA and have them pay your doctors. [/QUOTE]

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