FSA is it worth getting?

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#1

My Company doesn’t offer an HSA only a FSA, since the company owns the FSA unlike an HSA is it even worth getting?

#2

Depends? I have kids and regularly go to the doctors for check ups etc and I use my FSA card to pay for the visits. Better to use pretax dollars than after tax dollars

#3

Thanks for answering, I don’t have children which is why I am unsure about getting the FSA.

#4

Hey Veronica!

One HUGE difference between an FSA and an HSA is that contributions to FSAs are “use it or lose it”. It makes little sense to me, but any money you put in, you lose if you don’t spend before the end of the year. So there’s also no opportunity to use it as a tax-advantaged investment vehicle like an HSA. So basically, I’d only put money in that I’m sure I’m gonna spend that calendar year on qualified medical expenses.

(Sorry I missed this at office hours! I’ll try to get to it next time!)

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#5

Thanks for responding, I am thinking of not doing it because of losing it if not used and not having the tax-advantaged.