FSA / HSA / HRA
What are the benefits of an HRPro Flexible Spending Accounts (FSA)?
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What is a Health Savings Account?
An HSA works with a high deductible heath plan (HDHP), and allows you to use before-tax dollars to reimburse yourself for eligible out-of-pocket medical expenses for you, your spouse and your dependents, which in turn saves you on taxes and increases your spendable income.
How HSA Works
You and your employer can deposit money into your HSA account, up to an annual per-person or family limit set by the IRS. When you enroll, an account will be created for you at a sponsor bank. You’ll be given access to a secure, easy-to-use web portal where you can track your account balance, view your investment accounts and submit requests for reimbursements. In addition, you’ll receive a “Benny” Card to make it easy to access the money in your HSA.
The card contains the value of your HSA account and you can use it to pay for eligible services and products not covered by your health insurance. When you use the card, payments are automatically withdrawn from your account, so there are no out- of-pocket costs and you won’t have to submit receipts to verify the purchase. Just swipe the card and go. It’s that easy!
6 Benefits of a Health Savings Account
What is a Health Reimbursement Arrangement?
A Health Reimbursement Arrangement (HRA) can fund the gap between employees’ out-of-pocket health care expenses and their insurance coverage. It reimburses qualified medical expenses determined by the employer, such as: copayments, deductibles, vision care expenses, prescriptions and/or dental expenses.
How Do HRAs Work?
HRAs are funded by your employer, and, in most cases, must be paired with another group health plan. When you incur qualified medical expenses, you can then be reimbursed for those out-of-pocket costs from your HRA.
Employee Benefits
Health Reimbursement Account Eligibility
You may be eligible for an HRA if your employer sponsors an HRA and you meet any eligibility requirements established by your employer. HRAs typically must be offered with other health plan coverage, such as HDHP coverage, to satisfy certain requirements under the ACA, but not in all cases. You may be required to be enrolled in other group health plan coverage in order to participate in the HRA. If you have questions about your HRA eligibility, you should talk to your manager or HR.
Self-employed individuals are not eligible for an HRA. Certain limitations may apply if you are considered a highly compensated individual at your organization.
