The following chart offers the pros and cons of an FSA vs. HSA and which health insurance plans must be elected to have pretax dollars placed into each type.



Dependent Care Flexible Spending Account (FSA)
Medical Flexible Spending Account (FSA)
Health Savings Account (HSA)
Which plan(s) is this account available for?
Not associated with an insurance plan
Traditional co-pay plans
Any Qualified High Deductible Health Plan
Who administers this account for me?
Paylocity
Paylocity
HSABank
What would I use this account for?
Any eligible dependent care expense enabling you to be gainfully employed.
Any eligible health care expense.
To save for future health care expenses, but also to pay for eligible health care expenses now.
What is the maximum amount that I can put in this account?
$5,000 - IRS pretax contribution limit
$3,200 - IRS pretax contribution limit
Pre-tax account $4,150 Employee-only coverage or
$8,300 Family coverage
If you’ll be at least 55 years old in 2024, you can make an additional $1,000 catch-up contribution
How do I put money into the account?
Through convenient pre-tax payroll deductions.
Through convenient pre-tax payroll deductions.
Through convenient pre-tax payroll deductions or by making a deposit directly with HSABank.
How do I get money out of the account?
You can use a debit card for approved expenses or electronically submit claims through Paylocity's portal.
You can use a debit card for approved expenses or electronically submit claims through Paylocity's portal.
You can use a debit card, or HSABank-provided checks, or make a withdrawal at an ATM.
Can I change my deposit amount during the year?
You may only change the amount during open enrollment and if you experience a Qualifying Life Event.
You may only change the amount during open enrollment and if you experience a Qualifying Life Event.
You can change the amount at any time by completing a mid-year HSA Change.
When are the funds available?
Your contribution amount is available as it comes out of your paycheck each pay period – so your entire contribution amount is not available at the beginning of the year or when coverage starts.
Your entire contribution amount is available at the beginning of the plan year.
Your contribution amount is available as it comes out of your paycheck each pay period – so your entire contribution amount is not available at the beginning of the year or when coverage starts.
What happens if I don’t use the money during the year?
Unused funds will be forfeited at the end of the plan year. No funds roll over to the next plan year.
Unused funds will be forfeited at the end of the plan year. No funds roll over to the next plan year.
Unused funds will roll over to the next year.  Also, any growth on your balance is generally tax-free.  You can take HSA funds with you when you leave GU