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HSA vs. HRA vs. FSA – Health Tax Benefits Explained

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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
  • Employer or
  • Employee
  • Employer only
  • Employer or
  • Employee
Maximum yearly contribution $3,500 single/
$6,250 family
$2,500 No Maximum
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
  • Qualified medical expenses
  • Qualified medical expenses
  • Health insurance premiums
  • Qualified medical expenses
  • Health insurance premiums
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