This article has been updated for the 2023 and 2024 tax years. I’ve gone in to great detail on my love for health savings accounts (HSAs), but also want to pay some attention to their cousin, the flexible spending account, aka an FSA (note: the IRS refers to them as “flexible spending arrangements“, but I have never heard anyone else use that term). First, let’s recap what HSAs are so you can see the difference between an HSA and FSA. HSAs are tax advantaged savings accounts that can be used to pay for eligible medical expenses. They are paired with
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