The 2020 contribution limit is $3,550 for individuals, $7,100 for families
An HSA is only available to participants with a high-deductible health care plan
Funds allocated to an HSA become available as they are deposited into the account
Unused funds roll over year to year, continuing to earn interest
FSA Facts
The 2020 contribution limit is $2,750
An FSA must be sponsored by your employer; self-employed individuals are not eligible
An employee’s yearly FSA allocation is available on the first day of the plan year, regardless of contributions made to date
Use it or lose it – any money left in an FSA will be forfeited at the end of that year’s plan, though some plans do provide a short grace period that may allow you to carry over some funds into the next year. Check with your employer to see if your plan allows for a grace period
