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What is an FSA?
An FSA allows you to set aside money for certain expenses (medical, child care/elder care costs). You don't pay taxes on this money, meaning you'll save an amount equal to the taxes you would have paid. Accounts are subject to a "use-it-or-lose-it" rule each year.
What is an HSA?
An HSA is an account that must be paired with a high-deductible health plan and can be used for, current or future, qualified medical expenses, like a doctor's visit or prescription drugs. The money you put into an HSA rolls over from year to year.
Use this chart for a quick overview of the differences between an FSA and an HSA.