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HSAs, HRAs and FSAs

Health Savings Accounts (HSAs)

  • A Health Savings Account is a federal tax-exempt savings account set up at a financial institution to save money exclusively for payment of qualified medical expenses.
  • Any money not used at the end of the year can be saved and used for the following year’s medical expenses.
  • Tax-Deductible, Tax-Free and Tax-Deferred!
  • It’s new! President Bush passed HSAs in
  • Available to individuals AND groups of any size as of Jan. 1, 2004.
  • Employers and employees can contribute.

Health Reimbursement Accounts (HRAs)

  • An employer sponsored plan that changes the waybenefits are administered.
  • Provides immediate savings (typically 15%-20%)
  • Allows employers to reduce cost while keeping benefits at the same level.
  • Works with any  plan of insurance or carrier

Flexible Spending Accounts (FSAs)

  • Employer sponsored plan that typically uses Employee contributions.
  • Employees establish how much they wish to contribute into their account per pay. Contributions are not taxed.
  • Employees then use these tax free dollars to pay for any qualified expense not covered by their insurance including Prescription co-pays, dependent care, eyeglasses, contact lenses, over the counter medications and deductibles.
  • Any contributions reduce both Employer and Employee FICA and FUTA liability.


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