HSA vs. FSAs

HSA: No; balances roll over from year to year. In addition, you can take your account balance with you when you leave McClatchy.

FSA: Yes; unused balances are forfeited at the end of the claims reimbursement period each year. If you leave McClatchy, you can only submit claims incurred prior to your termination date.

HSA: Yes; pre-tax contributions can be made through payroll deductions, and after-tax contributions can be made by you directly to your HSA.

FSA: Yes; pre-tax only while employed. After-tax contributions are permitted only if you enroll in COBRA for your FSA plan (not very common).

HSA: Yes, McClatchy will make a contribution in January and July.

FSA: No

HSA: Yes; like other bank accounts, the funds are insured by the FDIC.

FSA: No

HSA: Claims can be reimbursed only from funds that are currently in your account.

FSA: Claims can be reimbursed up to your annual election even if your FSA contribution has not yet been deducted from your paycheck yet. 

HSA: Yes

FSA: No

HSA: None. No documentation is required when you submit a claim for reimbursement. However, you must keep documentation to substantiate your claims if you are audited by the IRS. 

FSA: Documentation must be submitted for reimbursement of claims.

HSA: Yes; once your account balance reaches $1,000, you can invest the funds maintained by the record keeper.

FSA: No

HSA: You can change your HSA contributions at any pay period. You can also make contributions directly to your HSA without payroll deductions. 

FSA: You can only change your annual election when you have a qualified family status change and contributions must be made through payroll deductions.