Health Savings Account (HSA) is a tax-advantaged medical savings account available to individuals enrolled in a high-deductible health plan.
Flexible Spending Accounts (FSAs) offer a tax-free way to pay for qualified health and dependent care expenses that aren’t reimbursed or covered by another plan.
Moss Adams offers:
- Health Care FSA (HCFSA) – Can be used for qualified medical expenses such as co-payments and deductibles.
- Dependent Care FSA (DCFSA) - Can be used for qualified childcare expenses.
- Limited Purpose FSA (LFSA) - Can only be used in conjunction with one of the HSA Accounts to assist with the additional costs of Dental and/or Vision expense. This FSA cannot be used for any medical expenses.
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Flexible Spending Account (FSA) |
Health Savings Account (HSA) |
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Contributions |
Employee only |
Firm & employee |
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Enrollment Eligibility |
HC FSA – Can’t be enrolled if enrolled in HSA LFSA – Can be enrolled with HSA DC FSA – Anyone can enroll |
Aetna HSA medical plans only (excludes Medicare, covered on a non-HSA plan, or a tax dependent) |
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Change Elections |
Open enrollment or life event only |
Any time |
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Unused Balance |
Use-it-or-lose-it |
Carries forward into next year |
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Funding |
HCFSA and LFSAs are pre-funded DCFSA funds aren’t available until deposited |
Funds aren’t available until deposited |
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Expense Approval |
Documentation must be approved by TRI-AD |
Subject to IRS guidelines |
Different Flexible Spending Accounts (FSA)