What is a Flexible Spending Account (FSA)?

As FSA is a tax-exempt employer-sponsored benefit program that can be used to reimburse employees for qualified medical and dependant care expenses. Both the employer and the employee may contribute to the account up to the maximum determined by the IRS. Any funds not used by the end of the year are forfeited back to the employer.

What is a Health Reimbursement Account (HRA)?

An HRA is a benefit plan funded by employers to reimburse their employees for qualified medical expenses. Employers decide how much to contribute to the account and determine any limits or restrictions on how the funds are used.

What is a Health Savings Account (HSA)?

An HSA is a tax-exempt trust or custodial account that is used by members to pay for qualified medical expenses. Members must be enrolled in a high deductible health plan that meets the guidelines set forth by the IRS to qualify for an HSA. Both the employer and the employee may contribute to the account up to the maximum amount set by the IRS. The member owns the account. Unused amounts belong to the member and may be invested.