We've been talking a lot this month about different accounts you can use to help you save money for healthcare expenses and cut tax costs. Tax season is coming to a close, but it’s the perfect time to re-evaluate your options to ensure you are making the best choices now for future years to come.
HSAs, HRAs, and FSAs are all accounts that hold money to pay for qualified medical services, prescription drugs, and dental / vision expenses. You may be assigned a type of account or asked to make a choice depending on what your benefits package offers—either way, it is important to know the pros and cons.
Luckily the one and only “Healthcare Hackr” aka Athos CEO Jonathan Hess has got you covered. In a series of videos published this month he details everything you need to know about your HSA, HRA, or FSA account.
An HSA is a tax-advantaged medical savings account that is available if you are enrolled in a high-deductible health plan. The funds in your HSA are used to pay for qualified medical expenses when you need them, and if you don’t need the funds, the account is interest-bearing and will grow over time. Find out more:
An HRA is an employer-funded health benefit plan that will reimburse you for out-of-pocket medical expenses, and sometimes even for health insurance plan premiums. Find out more:
An FSA is offered by your employer and allows you to allocate a portion of your earnings as pre-tax dollars to spend on qualified health expenses. In some cases, employers will also contribute. Find out more:
Take some time to review the options available to you and make sure to subscribe to the “Healthcare Hackr” series for all the best tips on how to utilize important tools to make the most out of your healthcare dollars.
If you would like to dive into the details, click here to learn more.