FSA vs HSA

What is a flexible savings account?

• A flexible savings account is a type of savings account that offers a fixed interest rate.

• A flexible savings account is a type of savings account that allows account holders to deposit and withdraw funds as needed, without any restrictions or penalties.

• A flexible savings account is a type of savings account that requires a minimum balance to be maintained.

• A flexible savings account is a type of savings account that has a limited number of withdrawals per month.

What is a health savings account?

• A health savings account is a tax-advantaged savings account for medical expenses.

• A health savings account is a credit card for medical expenses.

• A health savings account is a type of insurance plan.

• A health savings account is a retirement savings account.

What are the main differences between a flexible savings account and a health savings account?

• A flexible savings account is used to set aside post-tax income for eligible medical expenses, while a health savings account is used to set aside pre-tax income for eligible medical expenses.

• A flexible savings account is used to set aside pre-tax income for eligible medical expenses, while a health savings account is used to set aside pre-tax income for eligible medical expenses and is only available to individuals with a high-deductible health plan.

• A flexible savings account is only available to individuals with a high-deductible health plan, while a health savings account is available to anyone.

• A flexible savings account can only be used for medical expenses, while a health savings account can be used for any type of expense.

Which type of account is specifically designed for medical expenses?

• Flexible Spending Account (FSA)

• Individual Retirement Account (IRA)

• Health Savings Account (HSA)

• 529 College Savings Plan

Can you contribute more money to a flexible savings account than a health savings account?

• No

• Maybe

• Yes

• I'm not sure

Which type of account is more suitable for someone who wants to save for future medical expenses?

• 529 College Savings Plan

• Individual Retirement Account (IRA)

• Health Savings Account (HSA)

• Flexible Spending Account (FSA)

What are the main differences between a flexible savings account and a health savings account?

• A flexible savings account is used to set aside post-tax income for eligible medical expenses, while a health savings account is used to set aside pre-tax income for eligible medical expenses.

• A flexible savings account is used to set aside pre-tax income for eligible medical expenses, while a health savings account is used to set aside pre-tax income for eligible medical expenses and is only available to individuals with a high-deductible health plan.

• A flexible savings account is only available to individuals with a high-deductible health plan, while a health savings account is available to anyone.

• A flexible savings account can only be used for medical expenses, while a health savings account can be used for any type of expense.

Are there any tax advantages associated with a health savings account?

• Yes

• Not sure

• Sometimes

• No