Benefit Comparison |
FSA |
HSA |
HRA |
Pre-tax employee contributions |
Yes |
Yes |
No |
Employer contributions required |
Optional |
Optional |
Yes |
Maximum limit on contributions |
No1 |
Yes2 |
No1 |
Employer pre-funded, entire election available for reimbursement at beginning of plan year |
Yes |
No |
Optional |
High deductible health plan (HDHP) required |
Optional |
Yes3 |
Optional |
Claims are required |
Yes4 |
No5 |
Yes4 |
Benefit payments are tax-free |
Yes |
Yes |
Yes |
Pays all IRS Code Section 213 expenses |
Yes |
Yes |
Optional |
Pays long-term care expenses or insurance |
No |
Yes |
Optional |
Employees carry over unused amounts |
Optional6 |
Yes |
Optional |
Employee can take to new employer |
No |
Yes |
No |
Employee can use at retirement |
No |
Yes |
Optional |
|
|
|
1 |
IRS does not limit. Employer sets plan limit. |
|
2 |
IRS-imposed limits for 2008: Annual
limit of $2,900 for single coverage and $5,800 for
family coverage if HDHP coverage begins by December
1. Catch up contributions for those 55 and over:
$900.
IRS-imposed limits for 2009: Annual
limit of $3,000 for single coverage and $5,950 for
family coverage if HDHP coverage begins by December
1. Catch up contributions for those 55 and over:
$1,00. |
|
3 |
IRS-imposed limits for 2008: Minimum
deductible of $1,100 with maximum out-of-pocket
expenses of $5,600 for single coverage and a $2,200
minimum deductible with maximum out-of-pocket
expenses of $11,200 for family coverage.
IRS-imposed limits for 2009: Minimum deductible of $1,150 with maximum out-of-pocket
expenses of $5,800 for single coverage and a $2,300
minimum deductible with maximum out-of-pocket
expenses of $11,600 for family coverage. |
|
4 |
Certain debit card swipes may not require a claim form and receipts to be submitted if electronically adjudicated. |
|
5 |
Payment substantiation upon audit of IRS Form 1040. |
|
6 |
Employers may elect a 2-1/2 month "grace" period for employees to use leftover funds from a previous plan year to pay for expenses incurred in a new plan year. |
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