HSA vs FSA: Can You Have Both? | Health Insurance for Beginners

[@DiamondNestEgg]

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[@danpadilla4543]

can one spouse w/the kids get a high deductible plan w/HSA with their employer and the other spouse get a single low deductible plan w/FSA with their employer? (reason: unhealth husband w/chronic illness / wife and kids healthy, Max FSA unable to meet all expenses for year.)

[@msjinabina]

Are you able to contribute max amount in HSA with a lump sum let’s by the last few months of the year by December 2023 (w/a bonus) per say. Thx

[@solangeabella5254]

Excellent info

[@YuSavvy]

Best video I've watched so far on HSA vs FSA! One question, possibly a dumb one... Can you choose how much money you want to invest from you HSA or are you investing the entire amount in the account?

[@DiamondNestEgg]

No such thing as a dumb question when it comes to your money. The answer is, yes you can choose how much money you want to invest - you don't have to invest the entire amount in the account. HOWEVER, two things to remember: 1) depending on WHO your HSA is with, you might need to have a minimum balance in your account before you can start investing and 2) depending on WHAT you invest in, there might also be a minimum amount you have to invest. For example, some funds will only allow you to invest if you invest a minimum of $1K in the fund. If you're not happy with your HSA provider, you can switch though. Our clients usually open one up on their own with Lively HSA. We just did a review on Lively HSA here so check it out if you want!

[@pablosaave9749]

Is the HSA still a valuable option in California and NJ, considering tax advantages in these states are banned?

[@buntikasuthirapinan7068]

Banned? Perhaps from a state income tax perspective? I mean doubtful they could affect your federal tax

[@laura-nq5pm]

Great video! I would love a video explaining having both an HSA and a limited purpose FSA. I have that now and I did not utilize both as well as I should have 😭

[@deoshaw4682]

Great information