Flexible Spending Account (FSA)

Flexible Spending Account (FSA)

With an FSA, money is taken from your paycheck before taxes (you set the amount) and put into an account. You can then use that money to pay for medical expenses throughout the year. It’s important to understand that FSAs have a “use it or lose it” provision – meaning that you must use the dollars in the year in which they are saved or you will lose them at the end of the year.Health Reimbursement Arrangement (HRA)

An HRA is an account offered to employees or retirees, where you can use the money to pay for deductible and co-insurance amounts, or covered medical expenses. Like an HSA, leftover dollars generally can be used from year-to-year, as long as you continue to be a member of the plan