Understanding your benefits can save you money and help you plan for healthcare expenses. Flexible Spending Accounts (FSAs) and Health Savings Accounts (HSAs) are valuable tools, but not everyone knows if they have access to these accounts. Here’s a step-by-step guide to find out if you have FSA or HSA benefits.
What Are FSA and HSA Benefits?
- FSA (Flexible Spending Account): An employer-provided benefit allowing you to set aside pre-tax dollars for eligible healthcare expenses. Typically, you must use these funds within the plan year.
- HSA (Health Savings Account): A savings account for those with high-deductible health plans (HDHPs), offering tax advantages and no expiration for funds
Read more about FSA and HSA here.
Step-by-Step Guide to Checking Your Employee Benefits
1. Contact Your HR Department
Your Human Resources department is the first place to check. Ask them:
- What healthcare benefits are offered?
- Do I have an FSA or HSA account?
2. Review Your Paychecks
Examine your pay stubs for deductions labeled “FSA,” “HSA,” or similar terms. These deductions indicate contributions to these accounts.
3. Log Into Your Employer’s Benefits Portal
Most companies have an online portal where you can:
- View your benefits.
- Enroll or manage your FSA or HSA.
4. Check the Company Benefits Guide
Locate the benefits guide provided by your employer. It outlines all available options, including FSAs and HSAs.
5. Look for Enrollment Deadlines
FSA and HSA enrollment often occurs during open enrollment periods. Confirm when you can sign up or make changes.
FAQs About FSA and HSA Eligibility
How do I know if I qualify for an HSA?
You must have a high-deductible health plan (HDHP) to open an HSA. Contact your HR department or insurer to confirm.
What is the difference between FSA and HSA?
- FSAs are employer-owned, and unused funds often expire yearly.
- HSAs are employee-owned, with funds rolling over indefinitely.
Can I have both an FSA and HSA?
Usually, no. However, a limited-purpose FSA for dental and vision expenses might be available if you have an HSA.
Make the Most of Your Benefits
Knowing whether you have FSA or HSA benefits can help you budget for healthcare and save on taxes. Follow these steps to check your eligibility and take full advantage of your employee benefits.
