Flexible Spending Accounts (FSAs), Health Reimbursement Accounts (HRAs), and Health Savings Accounts (HSAs) are tax-advantaged accounts used to pay for certain qualified medical expenses such as co-pays, prescriptions, dental, and vision costs.
Employers can offer any or all of these accounts as a benefit to offset healthcare costs. These accounts use pre-tax dollars and must adhere to certain rules and limits set by the IRS. The table below provides a general overview of how these accounts differ:
Each type of account offers benefits depending on your health insurance needs. Understanding the differences can help you determine which account or combination of accounts is the best fit for the situation. For more information, contact CTSI at (303) 861 0507.
A PDF of this Technical Update is available here.
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