HSA and FSA

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FSA Account and HSA Account Overview and Usage

FSA (Flexible Spending Account)

An FSA is a type of savings account that allows employees to set aside pre-tax dollars from their paycheck to cover eligible healthcare expenses. These expenses include copayments, deductibles, certain prescription medications, and other out-of-pocket healthcare costs. FSAs are typically offered as part of an employee benefits package and can be used for a wide range of medical services, including mental health care.

HSA (Health Savings Account)
An HSA is a savings account that enables employees to save money on a pre-tax basis to pay for qualified medical expenses. HSAs are available to individuals enrolled in high-deductible health plans (HDHPs). The funds in an HSA roll over year to year if they are not spent, and they can be invested, making them a powerful tool for saving for future medical expenses. Like FSAs, HSAs can also be used to pay for mental health care services.

How Employees Use FSAs and HSAs
Employees can use FSA and HSA funds to cover eligible expenses by submitting claims for reimbursement or using a dedicated debit card linked to the account at the point of service. Both FSAs and HSAs can be used to pay for a variety of healthcare services, including doctor's visits, prescription medications, and mental health care services, such as therapy or counseling sessions. Employees must keep receipts and documentation for any expenses paid using FSA or HSA funds.

Mental Health Care Eligibility
Mental health care services, including therapy and counseling, are eligible expenses under both FSAs and HSAs. This means employees can use their FSA or HSA funds to pay for mental health care, making it a valuable benefit for those seeking support for mental well-being.

Important Note
While FSAs and HSAs offer coverage for many healthcare expenses, including mental health care, it's essential for employees to confirm with their specific provider or healthcare plan for additional details and to ensure that the services they seek are covered. Coverage details, eligible expenses, and plan specifics can vary, so checking with your provider will provide the most accurate and tailored information.