{"id":8900,"date":"2024-12-02T20:27:47","date_gmt":"2024-12-02T20:27:47","guid":{"rendered":"https:\/\/finderica.com\/differences-between-fsa-hsa-and-hra\/"},"modified":"2024-12-02T20:27:47","modified_gmt":"2024-12-02T20:27:47","slug":"differences-between-fsa-hsa-and-hra","status":"publish","type":"post","link":"https:\/\/finderica.com\/?p=8900","title":{"rendered":"Differences Between FSA, HSA and HRA"},"content":{"rendered":"
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Differences Between HRA vs. HSA<\/h2>\n

The following table presents the differences between an HRA and an HSA, both associated with enrollment in an HDHP that is available to employees in the Federal Employees Health Benefits (FEHB) program:<\/p>\n

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HRA Versus HCFSA Versus HSA Comparison<\/h2>\n

The following table presents a comparison of an HRA, a health care flexible spending account (HCFSA) and an HSA:<\/p>\n

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Health Savings Account (HSA)<\/h2>\n

Health Savings Accounts (HSAs) are available to members who enroll in a high deductible health plan (HDHP), are not enrolled in Medicare or another health plan, and are not claimed as a dependent on someone else\u2019s Federal tax return.\u00a0 \u00a0The health plan passes through a portion of the health plan premium as a deposit to the HSA each month. \u00a0The pass through contribution amount is different for a Self Only enrollment than for a Self Plus One or Self and Family enrollment.\u00a0 \u00a0You have the option to make additional, voluntary tax\u2013free contributions to your account, up to the maximum established by law.\u00a0 \u00a0 Federal employees who are enrolled in HDHPs can make pre\u2013tax allotments to their HSAs through their payroll provider or through their health plan\u2019s HSA trustee..\u00a0 \u00a0The funds in your HSA can be used to pay for your cost share for your deductible or other qualified medical expenses.<\/p>\n

Features of an HSA include:<\/strong><\/p>\n

Your own HSA contributions are tax\u2013deductible or pre\u2013tax (if made by payroll deduction). See IRS Publication 969(external link)(PDF file).
Interest earned on your account is tax\u2013free
Withdrawals for qualified medical expenses(external link) are tax\u2013free
Unused funds and interest are carried over, without limit, from year to year
You own the HSA and it is yours to keep \u2014 even when you change plans or retire
Your HSA is administered by a trustee\/custodian<\/p>\n

\nLimited Expense Health Care Flexible Spending Account (LEX HCFSA)<\/h2>\n

FSAFEDS offers a Limited Expense Health Care Flexible Spending Account (LEX HCFSA) for eligible employees in FEHB high deductible health plans (HDHP) with a health savings account (HSA).\u00a0 Under IRS rules, federal employees enrolled in high deductible health plans (HDHP) with health savings accounts (HSA) are unable to have a healthcare flexible spending account.\u00a0 However, they are able to enroll in a limited expense health care flexible spending account (LEX HCFSA) to help cover their eligible dental and vision care expenses. .<\/p>\n

WageWorks, Inc. (the third party administrator for FSAFEDS) administers the LEX HCFSA accounts.<\/p>\n

To enroll in a LEX HCFSA (during the annual Federal Benefits Open Season or within 60 days after becoming a newly hired or newly eligible employee), go to\u00a0www.FSAFEDS.com(external link).<\/p>\n

Health Reimbursement Arrangement (HRA)<\/h2>\n

If you select an HSA-qualified high deductible health plan (HDHP) and you are not eligible for an HSA, you will be given an HRA.\u00a0 This is not a bank account, but a virtual fund that receives the premium pass through credits from your health plan.\u00a0\u00a0 The premium pass through credits are the same as the HSAs in the same plan.\u00a0 Most health plans credit the funds to the HRA on an annual basis in January.\u00a0 Funds in your account will help pay your qualified medical expenses, including Medicare premiums or other qualified medical expenses not covered by your health<\/p>\n

Features of an HRA include:<\/strong><\/p>\n

Tax-free withdrawals for qualified medical expenses
Carryover of unused credits, without limit, from year to year
You can have an HRA if you\u2019re enrolled in Medicare or a healthcare flexible spending account (HCFSA)Credits in an HRA do not earn interest
Credits in an HRA are forfeited if you switch health plans, or if you leave federal employment other than to retire
Your HRA is administered by the health plan
You cannot make voluntary contributions to the HRA<\/p>\n

<\/span><\/div>\n

Source link <\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

Differences Between HRA vs. HSA The following table presents the differences between an HRA and an HSA, both associated with enrollment in an HDHP that is available to employees in the Federal Employees Health Benefits (FEHB) program: HRA Versus HCFSA Versus HSA Comparison The following table presents a comparison of an HRA, a health care<\/p>\n","protected":false},"author":2,"featured_media":8901,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"rank_math_lock_modified_date":false,"footnotes":""},"categories":[348],"tags":[2858,2963,3228,2067],"class_list":{"0":"post-8900","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-retirement","8":"tag-differences","9":"tag-fsa","10":"tag-hra","11":"tag-hsa"},"_links":{"self":[{"href":"https:\/\/finderica.com\/index.php?rest_route=\/wp\/v2\/posts\/8900","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/finderica.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/finderica.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/finderica.com\/index.php?rest_route=\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/finderica.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=8900"}],"version-history":[{"count":0,"href":"https:\/\/finderica.com\/index.php?rest_route=\/wp\/v2\/posts\/8900\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/finderica.com\/index.php?rest_route=\/wp\/v2\/media\/8901"}],"wp:attachment":[{"href":"https:\/\/finderica.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=8900"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/finderica.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=8900"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/finderica.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=8900"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}