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Health Savings Account (HSA)

Refers to a tax-exempt account that employers can make available to employees to pay for current or future medical expenses. Individuals can also obtain this tax-exempt account from financial institutions. HSA's require individuals to have health coverage under a HSA-qualified high deductible plan.

Flexible Spending Accounts (FSA)

Accounts that allow employees to set aside money, tax free, for use on health costs not covered by their insurance plans. These costs include over…