Flexible Spending Account (FSA)
An FSA is a plan designed to help manage the rising costs of health care by allowing members to set aside money pre-tax to pay for out-of-pocket medical expenses. Members can think of it as a personal account just for health care expenses.
Dependent Care Flexible Spending Account (DCFSA)
A DCFSA is a special type of pre-tax flexible spending account. The funds may only be used on qualified dependent care expenses, such as daycare and general-purpose day camps for dependents under the age of 13. Funds may also be used to pay for adult day care services for dependents who are unable to care for themselves.*
Health Savings Account (HSA)
An HSA is a plan designed to help manage the rising cost of health care by allowing employees to set aside pre-tax money to pay for out-of-pocket medical expenses and to save for retirement. Participants in an HSA must be enrolled in a high deductible Health Plan (HDHP) and not covered by any other non-qualifying health plan.
Health Reimbursement Arrangement (HRA)
An HRA is a plan designed to help employees manage the rising costs of health care by allowing you to pay for qualified medical expenses with money set aside in an account by the employer. Think of it as a personal account for eligible medical expenses set by the employer. The employer sets aside money on a pre-tax basis — and the employee does not pay income taxes on it.
