How is an FSA different from an HSA?

Both accounts will enable you to pay for qualified medical expenses with pre-tax dollars. The main difference between the two accounts is that the HSA will rollover from year to year. The HSA rollover allows you to be reimbursed for expenses that were incurred on or after the HSA start date. You can use the funds in your HSA for expenses that incurred as far back as the original date your HSA was opened.
The Healthcare and Healthcare Limited FSAs are limited to a plan year and will only rollover up to $570 for the 2023 plan year, and up to $610 for the 2024 plan year. HSAs will reimburse to the available balance you have accrued through contributions, whereas the FSA is fully available at the beginning of the plan year.
HSA enrollment restricts you from participating in Healthcare FSA . You may, however, participate in a Healthcare Limited FSA and Dependent Care FSA with your HSA. The Healthcare Limited FSA is restricted to dental, vision, and post-deductible medical expenses. To be reimbursed for post-deductible medical expenses, third-party documentation with the proof of the deductible being met and the date it was met will need to be submitted to WEX Inc.
If you are using your Benefit Card, dental and vision expenses will be taken from your Healthcare Limited FSA first. The card will classify any medical expenses as HSA. For example, if you use your card at EyeGlass World, the expense will be withdrawn from your Healthcare Limited FSA first provided there are enough funds available.
Benefit Card transactions can be modified if they are classified to the wrong account. If you would like one corrected, please send us an email with the transaction date, amount, and which account it should be applied to. For transactions that are moving from your HSA to your Healthcare Limited FSA, please also submit substantiation.