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Deciding on what plan option to make available to your employees can be confusing. What does an HSA do? How about an FSA or HRA? It takes an experienced employee benefits advisor to explain your options and design a plan that is right for you, your business and your employees.
With a tax-exempt savings account, coupled with a qualified high-deductible health plan, you can cover certain medical expenses. Funds are deposited and not taxed as well as withdrawals which are not taxed.
The Benefits of an HSA:
- Money goes in tax-free
- Money comes out tax-free
- Earns interest, tax-free
- HSA balance can be carried over year after year
- HSA balances can be invested
- HSA can be used to add to your retirement funds.
A Flexible Savings Account pays for medical and dental expenses not paid for by insurance, usually deductibles, co-payments, and co-insurance for employee’s health plans. They also cover over-the-counter medications when purchased with a doctor’s prescription. Unlike an HSA, contributions are funded through salary deferrals and you do get tax benefits because FSA’s reduce your taxable wages when funded with pre-tax money.
Benefits of an FSA:
- Covers out-of-pocket medical expenses
- Covers dependent child care expenses
- Covers adoption expenses
If you are healthy, an FSA might not be worth it since you must spend the designated amount during the year or you will lose it.
Health Reimbursement Programs are employer-funded, tax-advantaged personalized health benefits that reimburse an employee for out-of-pocket medical expenses and individual health insurance premiums.
Benefits of an HRA:
- Reimburses qualified medical expenses not covered by an employer plan
- Fixed amount that can be rolled over each year
- Can be paired with an FSA Account
- Over-the-counter medications
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