Compare the HSA and the FSA
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Features |
Health Care FSA |
HSA |
Limited Purpose FSA |
|---|---|---|---|
Medical Plan Compatibility |
1,000 deductible or an eligible, non-Equifax medical plan |
2,000 deductible 3,000 deductible 4,000 deductible |
2,000 deductible 3,000 deductible 4,000 deductible |
2020 Contribution Limit |
$2,750 |
$3,550 for individuals, $7,100 for families |
$2,750 |
2021 Contribution Limit |
$2,750 |
$3600 for individual coverage; or $7200 for families. |
$2,750 |
Catch-up Contributions |
No |
If you are age 55 or older, you may contribute an additional $1,000 |
No |
Deadline to Request Reimbursement of Funds |
March 31 of the following year |
None; funds are yours forever, even if you leave Equifax |
March 31 of the following year |
Tax Advantages |
Contributions reduce your tax liability, stretching your healthcare dollars |
Contributions reduce your tax liability, stretching your healthcare dollars |
Contributions reduce your tax liability, stretching your healthcare dollars |
Investment Options |
None |
Once your account balance reaches $1,000 you may move any balance above that amount into mutual funds and direct your investment strategy |
None |
Spending Account Compatibility |
Cannot be used with an HSA |
Can be used with a Limited Purpose FSA |
Cannot be used with an HSA |