HSA vs. FSA

The medical plan you choose helps determine which type of account is available to you:

Health Reimbursement Copay Advantage Plan: You will have access to a company-funded Health Reimbursement Account (HRA) to help cover out-of-pocket healthcare costs.
You may also choose to contribute to a Healthcare FSA to help cover eligible out-of-pocket expenses, such as prescriptions, that aren’t covered by your HRA.
Health Savings Medical Plan: You may contribute to a Health Savings Account (HSA) to cover medical, dental, vision, prescription drug expenses, and more.
Kaiser HMO Medical Plan: You may contribute to a Healthcare Flexible Spending Account (HCFSA) to cover out-of-pocket expenses like copays, prescriptions, lab exams, and more.

HSA vs. FSA Comparison

Account type	Healthcare Flexible Spending Account (HCFSA)	Health Savings Account (HSA)
Who is eligible?	You may contribute to a HCFSA if you are enrolled in the Health Reimbursement Copay Advantage Plan OR the Kaiser Health Maintenance Organization (HMO) Medical Plan.	You may contribute to an HSA if you are enrolled in the Health Savings Medical Plan.
Annual Contribution Limits	HCFSA: $3,400	Single coverage: $4,400 Family coverage: $8,750 Catch-up contribution: $1,000 (if you are age 55+)
Who owns the account?	Siemens Healthineers	You
Contributions subject to income tax?	No	No
Does interest accrue?	No	Yes
Contributions	Money is deducted (pretax) from your paycheck every pay period.	Money is deducted (pretax) from your paycheck every pay period.
Disbursement of funds	You will have access to your entire annual election amount at the beginning of the plan year (or when coverage becomes effective).	Only funds paid in by you are available for healthcare expenses.
Catch-up contribution for older workers	No	Yes. If you are age 55+, you may contribute up to $1,000 more to your account per year.
Portability and forfeiture	You lose any unused funds when employment is terminated.	This account is portable. HSA balance is not forfeited when you change employers or health plans.
Expiration	Your HCFSA includes a rollover feature, allowing up to $680 of unused funds to roll into the next plan year. Any amount over $680 must be used by December 31 or will be forfeited.	Your funds never expire.
Can I change my contribution?	Only during Annual Enrollment or if you experience a Qualified Life Event, such as a marriage, divorce, or birth.	Yes, on a monthly basis.
Eligible medical expenses	Qualifying medical expenses are those specified in the plan, e.g., copays, coinsurance, deductible, prescription drugs, and more.	Qualified expenses include medical, dental, vision, and prescription drug expenses.
Proof of expenses required?	Yes. Remember to keep your receipts.	No. However, you should be prepared to substantiate to the IRS that the expense has been incurred, the amount of the expense, and its eligibility.