Flexible Spending Accounts (FSAs) and Health Savings Accounts (HSAs) are health benefit accounts that allow you to pay for out-of-pocket medical expenses with pre-tax dollars. FSAs are a benefit offered by your employer while HSAs are a benefit offered with high deductible insurance plans (HDHPs).
For 2022, you may contribute up to $2,850 of your pre-tax dollars to your FSA for individual plan holders. For HSAs, you may contribute up to $3,650 for individual plan holders and up to $7,300 for family coverage. You cannot contribute to both an FSA and an HSA at the same time.
If your employers FSA plan permits the carryover of unused funds in your FSA account, the maximum carryover amount is $570.