Enroll in a Health Care Flexible Spending Account (HCFSA) or Health Savings Account (HSA) during Open Enrollment and save money with tax-free deductions.
Which option is best for you? Both Health Savings Accounts (HSAs) and Health Care Flexible Spending Accounts (HCFSAs) let you set aside tax-free dollars each year to pay your out-of-pocket health care expenses such as deductibles, co-pays, the cost of prescription medications, and other products and services.
However, there are several important differences, and you can only enroll in the HSA if you are enrolled in the Consumer Directed Health Plan (CDHP). When deciding which medical plan option is best for you, make sure to consider the value of an HSA or HCFSA. And remember, you cannot enroll in both an HSA and HCFSA.