So many acronyms – so little time. Here’s your guide to getting tax benefits on your medical expenses. Here at SimplyInsured – we want to make your life easier.
|Health Savings Account (HSA)||Health Reimbursement Account (HRA)||Flexible Spending Account (FSA)|
|Who can contribute||
|Maximum yearly contribution||$3,500 single/
|Do I lose the money in the acocunt?||No, stays in account||Determined by employer||“Use it or lose it”|
|Funds can be spent on||
|Tax Treatment||Tax-free (Federal and Social Security)||Tax-free (Federal and Social Security)||Tax-free (Federal and Social Security)|
|Eligibility Requirements||HSA qualified health insurance plan||None||None|