A Health Savings Account has a triple-tax advantage. Your contributions, withdrawals for eligible expenses, and earnings on interest or investments, are all tax-free.

There are HSA rules when it comes to contribution limits. The 2022 contribution limits, as determined by the IRS, are $3,650 for an individual and $7,300 for family. If you are age 55 or older in 2022, you may contribute an additional $1,000.

HSA qualified expenses are determined by the IRS and include a wide variety of products and services, including prescription medication, copays and lab fees. To find out if an expense is eligible, visit www.mercermarketplace365plus.com/IQVIA.

You can change the amount you contribute to your account at any time during the plan year.

You can enroll in certain types of FSAs while you're enrolled in a Health Savings Account, including the Combination FSA and a Dependent Care FSA. However, you can't enroll in a Health Savings Account and a Health Care FSA at the same time.

Both accounts can help you save on eligible expenses, but they're very different. What is the biggest difference? An FSA has a "use it or lose it" rule, which means FSA funds must be spent by the end of the plan year. All Health Savings Account funds can roll over from year-to-year.