Question 1

How could the health FSA $500 carryover affect eligibility to contribute to a health savings account (HSA)?

Alissa Culp · Accepted Answer

In general, if you, or your spouse want to be eligible to contribute to an HSA, you must: 1) have a zero balance in your general purpose health FSA at plan year end, 2) elect to convert your general purpose health FSA to a limited purpose health FSA for the next plan year (for dental and vision expenses, if offered by your employer) or 3) elect to forfeit your carryover funds. You must choose your “election” prior to the end of your plan year. Call FlexBank to discuss in detail how the carryover may affect you.

Question 2

How could the health FSA $500 carryover affect eligibility to contribute to a health savings account (HSA)?

Alissa Culp · Accepted Answer

In general, if you, or your spouse want to be eligible to contribute to an HSA, you must: 1) have a zero balance in your general purpose health FSA at plan year end, 2) elect to convert your general purpose health FSA to a limited purpose health FSA for the next plan year (for dental and vision expenses, if offered by your employer) or 3) elect to forfeit your carryover funds. You must choose your “election” prior to the end of your plan year. Call FlexBank to discuss in detail how the carryover may affect you.