Charles Forelle
speaker
205 appearances
2 recordings
1 series
first heard Jan 2022
last heard Oct 2022
Charles Forelle’s voice in public audio — every appearance, attributed to the second.
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Appearances
WSJ Your Money Briefing · From IRA to HSA: Decoding Personal Finance's Alphabet Soup · 18 Jan 2022
podcast
FSA is a flexible spending account, and an HSA is a health savings account.
They are two very different things that accomplish the same goal, which is to pay for medical expenses.
Oftentimes, it's hard to say X is better than Y. We can say it right here.
An HSA is better than an FSA.
There are a whole bunch of features that an HSA has that an FSA does not have.
There are a couple of caveats.
The chief caveat is that to be eligible for an HSA, you generally need to be in a high deductible health plan.
So if you have a health plan that is not qualified as a high deductible health plan, you're not going to be eligible to participate in the HSA.
And the FSA is probably your only option.
But generally speaking, the HSA is better than the FSA.
So both of them allow you to set money aside pre-tax to pay for medical expenses.
The money gets taken out of your paycheck, you don't pay taxes on it, then you use it to buy whatever it is that you need to buy, premiums on your healthcare, other stuff, and you don't pay taxes when you take the money out to do that.
Distinctions.
The FSA is use it or lose it.
If you don't spend the money in your account during the calendar year plus there's some grace period, the money goes away.
That's bad.
The HSA, the money stays there forever.
It's in an account for you.
It rolls over from year to year.
You don't spend it all.
Showing 101–120 of 205 · page 6 of 11
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