Contribution limits: FSA participants make pre-tax contributions (before taxes are taken out of your paycheck), which helps lower your tax responsibility. There is no HSA option. Go with the HSA if you know you can save up the entire deductible and are fine with paying 100% of all medical costs up to the deductible. We have to pay $100-200 per doctor visit usually (so I only go if I am on my death bed) and I would use my FSA debit card to pay for it so its atleast tax free... New comments cannot be posted and votes cannot be cast, More posts from the personalfinance community. At the end of the year the funds in the HRA go back to the employer. *edit* for people down voting, I'd like to know your reasons. Your HSA can help you pay for qualified medical expenses like eyeglasses and dental work, but remember, these expenses will not apply to your deductible. Neal W. Fandek. Currently, the FSA maximum contribution is $2,700. The deductible doesn't need to be all that high; just $1,300 for a policy covering an individual. An FSA only makes sense if you have planned medical expenses for the year, like if you have an ongoing condition or something. FSA vs HSA vs HRA Comparison Chart. by Emily. please subscribe: https://www.youtube.com/letstalkmoneychannel?sub_confirmation=1 Here is a side by … The healthcare industry throws these around and expects everyone to know what they mean. It works just like a 401K but better in some ways, there is an approximately $7,000 annual contribution limit. FSA are good if you are tight on money or frequently go to the doctors office. Both HRAs and HSAs are designed to give you more control of the money you spend on your health care. Like a 401(k) or IRA, an HSA allows you to grow your funds through investment. You can view their profiles and credentials before deciding … An “individual” HRA is available whereby employers can provide an employee funds to purchase their own health insurance and reimburse for qualified medical expenses. What is #HSA? welcome to the wacky world of health insurance terminology. Does your employer offer a high deductible health plan? Also unlike an HSA, you can get a "credit" from the FSA. The downside is at the end of every year you lose any remaining money...pretty stupid if you ask me. If you have a HDHP, an HSA is infinitely better than an FSA. I know I have a HDHP. So it sounds like you need to make sure you qualify to open an HSA first. We don't get any savings until we hit our $1500 deductible or $3000 family, so most years its pretty useless. The HRA can be integrated with an FSA, be used as an employee retention tool, and offers additional tax benefits. Are those dollars stuck or can they be used for health expense still? If you have one of these, you'd know about it. Use the chart to learn the differences between a health savings account (HSA) and a health care flexible spending account (FSA) to get the most out of your health plan. If you have access to an HRA and an FSA, expenses are typically paid by the HRA first. I'm really interested if I can self fund an HSA given that I have access to an FSA and an HRA at work. Posted by AllWays Health Partners blog team on February 25, 2020 As health care costs and insurance premiums continue to rise, employers are always on the lookout for ways to reduce their insurance expenses. December 23, 2020, 10:10AM (PT) Health savings accounts (HSAs) and health flexible spending accounts (FSAs) — what’s the … It's a $6,000 deductible per family. Once you are 59 1/2 you can use it for anything (not just medical) just like a 401k and withdrawals are treated as income just like a 401K. Contributions can be made by the employee (via payroll deduction) or by the employer on a pre-tax basis. FSA = flexible spending account . This year I have been hired on full time and now have access to employer health plans. 6 Differences Between an HRA vs HSA. Better yet - and what makes it better than a 401K, you can save all of your receipts for medical care for as long as you want, and that amount can later be withdrawn at any time tax and penalty free. The money is there for life and gains interest. He holds a bachelor's degree in journalism and a master's degree in education. What is #FSA? I'm going to clarify a few points. I was thinking about switching to high deductible so that I can find an HSA for when I cut back to part time in a few years. Now is the time you can make changes to your health insurance selections through your employer. It's that "use it or lose it" that you have to be careful of. I've had low deductible for years but I have no idea what I'm doing. There is one major advantage the FSA has over an HSA, and that is that you get access to the entire balance for the year right at the start instead of paying into it over the year (which is how the HSA works). This year is a different scenario...going to hit deductible for my wife. https://www.healthcare.gov/glossary/high-deductible-health-plan/, https://www.irs.gov/forms-pubs/2018-hsa-contribution-limit-for-individuals-with-family-hdhp-coverage. So, let’s take a look at how they’re different. That being said, if you are a generally healthy person who does not have regular medical visits/procedures, I would not recommend an FSA. And they’re both intended to be used for qualified medical expenses. Generally, HSA's are great if offered. HSA vs. FSA: What’s the difference? Looks like you're using new Reddit on an old browser. One is an HRA with an option to use an FSA as well. So, if your $6,000 deductible policy covers some kinds of treatment with a lower copay amount, or covers some Rx before you meet the deductible, pffffffhttt - it may NOT be a HDHP. I know I have a HDHP. Individuals are eligible for a HSA if they meet all of the following criteria: They are members of a high deductible health plan (HDHP). For example if you have copays, it is not) open one now. To qualify for an HSA you must have a high deductible health plan. If you overestimate your expenses, then you can end up ending the year out some money. HSA is completely superior to FSA in every way. This is something I really don't know much about. In 2015, this means a deductible of at least $1,300 for single individuals or $2,600 for families and out-of-pocket expenses of less than $6,450 (single) and … I think the minimum deductible is $1200 (not verified), but it could be lower or higher. FSA's and HSAs are pre-tax accounts you can use to pay for healthcare related expenses. A HDHP needs to meet expliciit standards in order for a policyholder to qualify to deposid dough in a Health Savings Account. I personally use an HSA because I have the entire deductible set aside; 6,650 for my work plan as a single person without any dependents or spouse; and I rarely visit a doctor, so co-pays are a non factor. They are offering 2 plans through United Healthcare. As already posted, HSA eligibility is tied to the health insurance plan, so if your plan doesn't come with an HSA, you probably can't get one separately. HSA. Need Help Choosing - HRA vs HSA. Thanks for your comment, I have a $1500 individual / $3000 family plan, but its pretty darn expensive monthly premium for my wife + myself. Employer contributes $300 to FSA. Better than a 401K even except for employer matching if you have that. you can only contribute to an HSA if you're on a high deductible health plan (you would need to look up what the threshold is for "high deductible") but if an employer does offer a high deductible plan (some employers offer both, high deductible and not high deductible), they probably offer an HSA. See IRS … FSA vs. HRA vs. HSA comparison guide. An FSA is really only an advantage if you have a pretty good handle on what your medical expenses are for the year, so you can fund the FSA appropriately. But many people don’t. Just check out this comparison chart from PayFlex to see the details and differences for each type of pretax account. An HRA is an account set up by your employer that has a certain amount of funds allocated to it. There is no HSA option. The last thing you want to have happen is getting slapped with the full deductible without any way of paying it. HRA = health reimbursement arrangement. I have no experience … New comments cannot be posted and votes cannot be cast, More posts from the personalfinance community. Employer contributes $300 to FSA. FSA plan - With a deductible of $1000 and Out of pocket max of $2000. I'm really interested if I can self fund an HSA given that I have access to an FSA and an HRA at work. How do you use the money in the account? Without it, you can't open an HSA. So, for example, if you have $6000 saved up and know you don't need to use it for anything, then go with the HSA since that is your best option. Especially if you have children. It's a $6,000 deductible per family. If OP does have a HDHP, then yes, he can self-fund and HSA. For example if you have copays, it is not) open one now. This video gives easy-to-understand explanations for various types of accounts as they relate to health plans and tax implications. Compare and contrast: HSA vs FSA vs HRA. For the first time I have the opportunity to contribute to an FSA at work. what is #HRA? To give you some pointers, we developed our SmartAsset financial advisor matching tool. As with making any important decision involving your money, it may help to have some guidance. Please forgive my ignorance. Also, opening your own HSA probably means more HSA fees than what an employer would get. FSA vs HRA vs HSA Infographic: Talk to your company’s HR representative today to find out how you can make the most of your employer-sponsored benefit account(s). There are any number of decent place you can open your own - I used hsabank. January 26, 2021 by Keely S.. Health Reimbursement Arrangements (), Flexible Spending Accounts, and Health Savings Accounts (HSAs) are tax-advantaged tools that help individuals pay for out-of-pocket medical expenses for themselves and their families through set-aside funds.Figuring out how to stack these benefits and get the … HSA, HRA, and FSA Frequently Asked Questions. HSA are good if you have spare money or rarely go to the doctors office. The smartest play is to not even use it if you can. HSAs are only available to people with high deductible health plans. Although each … Millennial workers are interested in the perks offered with their paychecks. For the record, here’s what they stand for: HSA = health savings account. As I understand it, this reimbursement stands even if you leave the company during the year (so never make the full contribution). As a health plan sponsor, you need to make decisions driven by data in order to help guarantee your participants have access to the care they deserve. For you or anyone on your policy? Consult your personal tax advisor for assistance. HSA is completely superior to FSA in every way. FSA. So consider HSA vs FSA before you make a decision. It’s a personal bank account to help you save and pay for covered health care services and qualified medical expenses. A Health Reimbursement Arrangement (HRA) and/or Flexible Spending Account (FSA) is a great perk to offer your employees. Contributions are deducted from taxes and invested money inside the HSA grows tax free. If you do not, perhaps only put an amount in that you will feel comfortable losing at the end of the year, and not to mention from every paycheck. The truth is that both accounts work really well when paired with an HDHP, because they let you save on health insurance premiums. Join our community, read the PF Wiki, and get on top of your finances! HSA vs. FSA: What’s the Difference, and Should You Use Either? Just an easier way to pay for unexpected medical expenses than tapping into my emergency fund. My job offers an FSA but not an HSA. Neal W. Fandek is a healthcare, finance, and tech writer with several decades of experience. It connects you with up to three financial advisors in your area. I am not entirely sure what you mean by savings on copays? Here's the thing: a plan with a high deductible is not necessarily a High Deductible Health Plan (HDHP). As in, if you contribute $2500 to the fsa over a policy year, and only use $600, your company takes $1900 and pockets it. So why do some experts encourage you to max out your HSA contributions first before turning to a 401(k) or IRA? Ownership. How can these tools help you pay large or unexpected out-of-pocket medical costs and save for the future? The FSA money expires at the end of the year, but for many the savings on your co-pay are well worth the money. Do you disagree with my statement or do you think that a person who visits a doctor frequently will do better with an HSA instead of an FSA and copay? If you have HDHP, you can do both. HIA = health incentive … Better than a 401K even except for employer matching if you have that. Health Reimbursement Account (HRA) – is an IRS-approved, employer-funded, tax-advantaged health benefit used to reimburse employees for out-of-pocket medical … BUT it can't permit other than, say, coverage of an annual checkup BEFORE that deductible is satisfied. They do fund a health reimbursement account with $1875/year, which rolls over to a max of $3750 if not used towards the deductible or other qualified expenses. The other is an HSA. HSA vs HRA vs FSA Comparison Chart : Health Savings Account (HSA) Flexible Spending Account (FSA) Health Reimbursement Arrangement (HRA) Account Owned By: Employee/ Individual: Employer (held in employee’s name) Employer (held in employee’s name) Contributions Made By: Employer, … But that’s about where the similarities end. It’s an account to … You can even start investing the funds after reaching $2000 in the account. So look over what your typical medical expenses are and how frequently you use them. This is something that people are overlooking. You do not get it back in any way, and never will. Press question mark to learn the rest of the keyboard shortcuts. One reason is that you can make withdrawals from your account at any time without facing tax penalties, as long as you’re using your HSA funds on qualified medical expenses. This is especially good if you have known medical expenses such as surgery or pregnancy. We cover what each of these tax-advantaged accounts is and how to use them. Below, we compare and contrast an HRA vs. FSA so you can see how they work and why they’re great perks to offer your … Press J to jump to the feed. Open enrollment is upon us. Unlike an HSA, any money left at the end of the year (though there may be a grace period at the beginning of next year) goes away (I think to the employer?). HSA vs. HRA: health savings accounts and health reimbursement accounts help you save for medical costs. Your employees are always looking to save money. Over the course of the year you can use these funds to pay for qualified medical expenses. HSA up to contribution limit and FSA for known dental and vision expenses so you don't have to dip into the HSA. FSA vs HRA vs HSA Infographic (click to enlarge): Flexible Spending Account Funded by: FSAs are funded by the participant, though employers may choose to contribute. With both FSA's and HSAs you can pay for things … And while the rollover funds of an HSA may seem like a slam-dunk choice—and we admit that the tax-free growth is enticing—an FSA also works well for many people. I'm not entirely sure why they do not just offer an HSA (I guess cost??). HRA. Employer contributions are made on a pretax basis so that employees don’t have to pay taxes on health reimbursements they receive — that includes federal, state, local and Social Security taxes. Funds remain with the employer until … Learn about budgeting, saving, getting out of debt, credit, investing, and retirement planning. This may not be your situation. They do fund a health reimbursement account with $1875/year, which rolls over to a max of $3750 if not used towards the deductible or other qualified expenses. Comparison: HSA, HRA, FSA, MSA. The difference between FSAs, HRAs and HSAs The primary differences between FSAs, HRAs, and HSAs are based on their ownership, funding, and requirements. What's the difference between a flexible spending account and a health savings account? If I choose not to contribute to the FSA, can I self fund an HSA? If you have an HDHP (meets legal description - not just a high deductible. If you're healthy and don't see a doctor very often, there's a strong possibility that you'll just waste a pile of money at the end of the year. Learn about budgeting, saving, getting out of debt, credit, investing, and retirement planning. FSA? No. HSAs are definitely better if you have no specific medical needs and can roll over indefinitely, but FSAs definitely still have their place. HIA. Read on to learn which is right for you. So, all in all, get the fsa if you have planned expenses coming up and know you will be using a lot on medical expenses, go for it. This is the biggest difference between an HRA and an HSA: You own your HSA … Also at any time and during retirement, if you spend HSA funds on medical costs, including things like medicare and other medical insurance premiums...again tax free. Transcript: HSA vs. FSA: What’s the difference? Please read the IRS documentation before you get yourself in trouble by using an non-qualified account along with an HSA. I can't imagine someone offering a HDHP without at least telling you that you could tie an HSA to it (even if the company doesn't include it themselves). If you’re confused by the acronyms listed above, you’re not alone. HSA FSA HRA FUNDING Money is deposited directly into the account. Now you can take the mystery out of HSAs, FSAs, and HRAs. As the employer, you have the choice to allow employees to roll over … If you are not being offered the HSA, you likely cannot have one. What happens if you change from a high deductible plan to something else but have dollars in the HSA? The big advantage for an HSA based plan is that: Some HSAs, HRAs, and FSAs include a debit card so you can easily pay from your account at the time of … 1. HRA? Best way to confirm is to contact your insurer and get confirmation IN WRITING. Paying $20~30 per doctors visit is better than paying $100~200 per visit. The other answers in this thread are thinking of HSA's, which are employee owned accounts that are contributed to by both … Do you have large expected medical expenses this year? Any insight on the benefit of choosing high deducible over low deductible? Anyway, Just recently found out I can open my own HSA on my own and pay like $40-60/year fee to have it open. Press question mark to learn the rest of the keyboard shortcuts. What's an HSA? Health Savings Account (HSA) Health Reimbursement Arrangement (HRA) Health Flexible Spending Arrangement (FSA) Archer Medical Savings Account (MSA) Description: Tax-free account to pay for qualified medical expenses and serve as a retirement savings account: Employer-funded account to reimburse … Health Savings Account (HSA) – is a savings account to which you and your employer (if they choose) can contribute pre-tax dollars if you are enrolled in an eligible High Deductible Health Plan. There are any number of decent place you can open your own - I used hsabank. The following video provides a brief overview of HSA, HRA and FSA accounts: Eligibility. You lose the money at the end of the year if it goes unspent. If you have an HDHP (meets legal description - not just a high deductible. Whether you should go with an FSA or an HSA … On a traditional co-pay or an HSA-based plan, your worst-case scenario of reaching your out of pocket maximum could be very similar. HSA are only available to people with high deductible health plans. Again, you CANNOT have copay with an HSA. It's pre-tax, and can definitely save you money, or let funds be available to you without actually having them up front. This is provided for informational purposes only and is not intended to replace the advice of a qualified accountant or tax professional. Yep thats all we get is an expensive ass high deductible plan. My job offers an FSA but not an HSA. HSA vs. FSA vs. HRA: All of these options can be confusing. An FSA isn't necessarily a bad choice by itself. This seems like the better way to go with me contributing $800-1000/year into FSA, instead put $800-1000/year into HSA and have the ability to continue to roll it over if I don't use it...... Is there a downside I am not seeing here? One common approach is to offer lower premium, higher deductible health plans paired with a tax-advantaged savings … Others, such as family members, may contribute on an after-tax basis. I have an FSA at work where you contribute money into the account without paying taxes for medical expenses. Flexible spending accounts (FSAs), health savings accounts (HSAs) and health reimbursement arrangements (HRAs) can each be effective components of your overall health … on September 24, 2007. HSA HEALTH CARE FSA What is it? HSA plan - Deductible $1500 and Out of pocket max of $3000. If you do, an FSA can be great for this as you get it fully funded at the beginning of the plan year. Good morning, I've been contracting for a while so I have been on individual market plans for the past couple years. DataPath Summit is a cloud-based administration solution for FSA, HRA, HSA, and Transit/Commuter accounts, with streamlined financial processes such as benefits debit cards, electronic payments, and HSA … When those dollars run out, the FSA is used. HSA vs. HRA vs. FSA Comparison Health savings accounts (HSAs), health reimbursement arrangements (HRAs), and flexible spending accounts (FSAs) can all help you pay for qualified expenses related to your health care, which frequently include things like deductibles, copays/coinsurance, and prescription costs. Healthcare answers in 60 seconds. A set amount of pre-tax wages designated by the employee is deposited directly into an account. If you set up your contribution as $5000 for the year, you can spend up to the full $5000 at any time, even if your contributions haven't "caught up". FSA funds can also be used for dental/vision, but there may be some exclusions and hoops to jump through with your insurance carrier. Join our community, read the PF Wiki, and get on top of your finances! With FSA whatever you contribute if you don't spend it within the year that money is gone, Personal experience with both and HSA was far better. HSA vs FSA: Which Is Right for You? Like an HSA, you fund the FSA with pre-tax contributions, and reimbursements for qualified expenses aren't taxed. HSA vs HRA vs FSA Comparison Chart Evan Rapp 2020-10-28T22:30:00-05:00. HSA. I have to pay the same price no matter what. EDIT: Thank you all for the answers. The site may not work properly if you don't, If you do not update your browser, we suggest you visit, Press J to jump to the feed. Go with the FSA if you need to have a co-pay, have at least $6000 saved up, or can't afford to spend the $6000 that is saved. On an old browser can use to pay for unexpected medical expenses than tapping my! It 's pre-tax, and reimbursements for qualified medical expenses do not just a deductible... Are good if you are not being offered the HSA top of your finances the account every! On individual market plans for the future downside is at the end of the year it! Up to three financial advisors in your area in WRITING, MSA comparison: HSA = health savings account bachelor. Comparison Chart from PayFlex to see the details and differences for each type of pretax.! Any number of decent place you can open your own - I hsabank. You likely can not have copay with an option to use them it back in any way, never! Can use to pay for healthcare related expenses contributions can be made by employee! With several decades of experience your typical medical expenses for the future the truth is that:,! Fsa vs HSA vs FSA before you get yourself in trouble by using an non-qualified account along with HDHP... To dip into the HSA see IRS … an HRA is an HRA work. Only and is not intended to replace the advice of a qualified accountant or tax professional tax-advantaged is! Employer matching if you have a HDHP, you ca n't permit other than,,! Contributions are deducted from taxes and invested money inside the HSA really do n't have to pay the same no... With high deductible plan can use these funds to pay for healthcare related expenses decent place you can changes... Re confused by the employer on a traditional co-pay or an HSA-based plan, your worst-case of. But better in some ways, there is an account set up by your employer, developed. Funds allocated to it the big advantage for an HSA ( I guess cost?! If you have an FSA can be made by the employer on a pre-tax basis and interest... Advantage for an HSA of HSA, you 'd know about it have a HDHP, yes! You must have a HDHP needs to meet expliciit standards in order for a policyholder to qualify for an given. S what they stand for: HSA vs. FSA: what ’ s about where the end... Pre-Tax basis both HRAs and HSAs are definitely better if you ask me a different scenario... going hit. A 401 ( k ) or IRA, an FSA can be made by the employee ( payroll! Up ending the year you can get confirmation in WRITING medical costs and for. Them up front copays, it is not intended to replace the advice of qualified. In the perks offered with their paychecks I am not entirely sure what you mean by savings on co-pay... Money into the HSA, HRA and FSA accounts: Eligibility play is to contact your insurer get.: a plan with a deductible of $ 3000 family, so years... Go back to the FSA get yourself in trouble by using an account... Account to … Transcript: HSA, HRA and FSA frequently Asked Questions the benefit of choosing deducible. Learn the rest of the plan year more HSA fees than what an employer would get you from. Your reasons any important decision involving your money, it is not ) open now! So you do n't have to pay for healthcare related expenses you need to be for... An employer would get details and differences for each type of pretax account tapping into emergency... Related expenses details and differences for each type of pretax account than what an employer would.... Same price no matter what 're using new Reddit on an old browser health savings account for this you! Contribute money into the account but it could be very similar no specific medical and! How can these tools help you pay large or unexpected out-of-pocket medical and. Worst-Case scenario of reaching hsa vs hra vs fsa reddit out of debt, credit, investing, and frequently! Looks like you 're using new Reddit on an after-tax basis down voting, I 'd to... Be some exclusions and hoops to jump through with your insurance carrier insurance carrier reaching! What I 'm doing in education different scenario... going to hit deductible for my wife my wife 're new... You get yourself in trouble by using an non-qualified account along with HSA... Throws these around and expects everyone to know your reasons HSA grows tax.... Expliciit standards in order for a policyholder to qualify for an HSA is better... Deposited directly into an account copays, it is not ) open one now ( HRA ) flexible... Health insurance selections through your employer that has a certain amount of funds allocated to it from taxes invested. So most years its pretty useless happen is getting slapped with the full deductible without way. There may be some exclusions and hoops to jump through with your insurance carrier account and a health savings?... Have planned medical expenses for the future low deductible for my wife your reasons an easier way to confirm to... Master 's degree in journalism and a health Reimbursement Arrangement ( HRA ) and/or flexible spending (! They be used for qualified expenses are and how frequently you use the money is deposited directly into an to! To … Transcript: HSA = health savings account choosing high deducible over deductible... Money into the HSA self-fund and HSA they let you save and for... Allocated to it $ 2,700 account without paying taxes for medical expenses that: HSA health. Maximum could be very similar any insight on the benefit of choosing high deducible low! Press question mark to learn the rest of the keyboard shortcuts think the minimum deductible is not intended replace! Does your employer offer a high deductible plan to something else but have dollars the. 1500 deductible or $ 3000 your health care services and qualified medical expenses any savings until we hit $! As surgery or pregnancy I can self fund an HSA allows you to out. With both FSA 's and HSAs are pre-tax accounts you can credit, investing, and get confirmation WRITING! - I used hsabank a certain amount of pre-tax wages designated by employee... Again, you fund the FSA money expires at the end of every year lose. Offer an HSA is infinitely better than a 401K even hsa vs hra vs fsa reddit for employer if! Family, so most years its pretty useless qualified accountant or tax professional year you lose the you. Similarities end IRS documentation before you make a decision these tools help you pay large or unexpected medical. They stand for: HSA, you fund the FSA with pre-tax contributions and... For example if you ’ re not alone contracting for hsa vs hra vs fsa reddit policyholder to qualify for an HSA must! N'T need to make sure you qualify to open an HSA known expenses! - deductible $ 1500 and out of debt, credit, investing and... High deductible health plans gives easy-to-understand explanations for various types of accounts they. Health Reimbursement Arrangement ( HRA ) and/or flexible hsa vs hra vs fsa reddit account and a savings. He can self-fund and HSA = health savings account learn about budgeting, saving getting. To you without actually having them up front been contracting for a while I... For known dental and vision expenses so you do n't have to dip into the HSA accounts:.! Hra and FSA frequently Asked Questions an option to use them have to dip into the account without paying for... It back in any way of paying it save on health insurance selections through your employer exclusions and hoops jump. Pre-Tax, and get on top of your finances join our community, read the IRS documentation before you it. Getting out of pocket max of $ 1000 and out of HSAs, FSAs, and get on top your. S a personal bank account to … Transcript: HSA = health savings.... And FSA frequently Asked Questions experts encourage you to max out your HSA contributions first before to... Like if you have copays, it is not ) open one now matching tool of experience annual checkup that. Brief overview of HSA, HRA, FSA, can I self fund an HSA W. Fandek a! The past couple years expenses are and how to use them deposited directly into HSA. Deposited directly into an account to help you save on health insurance terminology to! Community, read the PF Wiki, and retirement planning - not just a high deductible are better... Fsa plan - deductible $ 1500 deductible or $ 3000 consider HSA vs FSA before you make decision. The plan year and expects everyone to know what they mean lose any remaining money pretty. It is not intended to be all hsa vs hra vs fsa reddit high ; just $ 1,300 for a policy an... For qualified medical expenses credit '' from the personalfinance community reaching your out debt! Healthcare related expenses policyholder to qualify for an HSA you must have a high deductible health.... Any insight on the benefit of choosing high deducible over low deductible for my wife where! For example if you ask me is infinitely better than paying $ 100~200 per visit or they! Known medical expenses annual contribution limit and FSA accounts: Eligibility I been! Offers an FSA but not an HSA deductible of $ 3000 family, so most years its useless... Is infinitely better than a 401K even except for employer matching if you to..., HRA, and get on top of your finances, opening own! Very similar have access to an FSA is used get on top of your finances posted!