Tax-Advantaged Accounts (FSA & HSA)

You can save money on health and dependent care expenses by using a tax-advantaged account. These accounts let you use pre-tax dollars, which lowers your taxable income. There are two main types:

Flexible Spending Accounts (FSA)
Health Savings Accounts (HSA)

Important: OEBB-participating employers independently contract for FSA and HSA administration services. OEBB does not administer FSAs or HSAs or recommend vendors. If you are considering an FSA or HSA, contact your employer to learn about your available options.

Flexible Spending Accounts (FSA)

An FSA lets you set aside pre-tax money from your paycheck to pay for eligible expenses during the plan year.

Types of FSAs

There are three types of FSAs.

Health Care FSA: Use for medical, dental, and vision expenses.
Limited Purpose FSA: Covers dental and vision only. You can enroll in this if you have an HSA.
Dependent Care FSA: Use for child care or dependent care expenses.

How it works

You choose an annual amount during enrollment.
Payroll deductions are taken throughout the year.

Important things to know

FSAs are generally “use it or lose it.” Some plans allow limited carryover.
You cannot have a Health Care FSA and an HSA at the same time.
You can only change your election if you have a qualifying life event.
Funds must be used for eligible expenses.

Health Savings Account (HSA)

An HSA is a savings account you can use for qualified health expenses if you are enrolled in a high-deductible health plan (HDHP).

How it works

You (and possibly your employer) contribute pre-tax money.
Funds are added as contributions are made.
You can use the money now or save it for later.

Key benefits

Funds roll over every year—there is no deadline to use them.
The account is yours to keep, even if you change jobs.
You can use funds for eligible medical expenses now or in the future.
Some HSAs allow you to invest your balance over time.

Important things to know

You must be enrolled in an HSA-qualified health plan (HDHP).
You cannot have a general-purpose FSA at the same time.
A Limited Purpose FSA is allowed with an HSA.

Need help?

Contact your benefits administrator
Log in to your account to check balances or submit claims

Tax-​​Advantaged Accounts (FSA & HSA)