A health savings account (HSA) is a savings account that allows you to contribute pre-tax money to cover qualified medical expenses. HSAs are only allowed in conjunction with a High Deductible Health Plan. Funds contributed to an HSA roll over year to year.
A flexible spending account (FSA) is an account associated with an employer-sponsored health plan that allows individuals to contribute pre-tax funds to cover expenses associated with the cost of health care and other medical expenses. The contributed funds can be used to cover expenses like copayments, prescription drugs, and medical devices. Funds contributed to an FSA must be used within the year.
SimplyInsured does not administer these types of savings accounts, however, here are some outside resources if you would like to set one up for yourself or your company.
I'm an employer and would like to set up an HSA for my company:
I'm an employer and would like to set up an FSA for my company:
I'm an employee and would like to set up an individual HSA for myself:
If you have any questions about this, please submit a request to our customer care team at the link below: