The primary difference between a Health Savings Account (HSA) and a Flexible Savings Account (FSA);
The primary difference between a Health Savings Account (HSA) and a Flexible Savings Account (FSA);
A. Makes medical payments based on fee-for -service agreements
B. Provides reimbursements only for current year
C. Requires employees to seek medical providers within a network
D. applies specifically to Highly Compensated Employees
Answer: B
Explanation:
Both FSAs and HSAs allow people to save for their medical expenses on a tax-advantaged basis by using pretax money to pay for qualified medical costs. One difference between a HSA and a FSA is that the FSA provides reimbursement only for the current year (there are some exceptions – Employees geta grace period of 2 1/2 months to use funds or Employees can roll over $500 into next year’s FSA.).
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