May is the only month with three letters in its name. The financial world is full of three-letter acronyms — and the difference between an IRA, an HSA, and an FSA is one of the most common things families get wrong.

As a financial advisor in Lexington, Kentucky, I’ve walked alongside hundreds of families who came in confused about which account does what. The truth is, these accounts each solve a very different problem — and using the wrong one at the wrong time is how good people end up paying unnecessary taxes, penalties, or forfeiting money they’ve already set aside.

In this episode of The Groundwork, I break down each account in plain English: what it’s for, who can use it, and the specific mistakes I see most often.

WHAT YOU’LL LEARN

HSA (Health Savings Account): the only account in the U.S. tax code with a triple tax advantage — and how to actually invest it
Why you have to be in a high-deductible health plan to contribute to an HSA — and what it can (and can’t) be used for
FSA (Flexible Spending Account): the use-it-or-lose-it rule and how to avoid overfunding
IRA (Individual Retirement Account): the six different types and what makes each one unique
Why rolling old 401(k)s into an IRA gives you back control over what you’re invested in
How to maximize your annual contributions — and use the 2026 Tax Reference Guide to know your limits

Want help making sure you’re using the right accounts the right way?

If you’re a family in the Lexington, KY area, or anywhere in Kentucky, looking for a financial advisor who will help you structure your accounts intentionally and avoid unnecessary taxes and penalties, I’d be honored to help.