Compare Spending Account Options

You must choose to offer the following spending accounts in order for your employees to select to participate. Employee participation is voluntary.

Feature FSA HRA HSA QTA
Overview An FSA is a prefunded account that allows employees to make pre-tax contributions to pay for qualified healthcare expenses for themselves or eligible spouse/dependents. An HRA is an account to which employers only can contribute. Employees are reimbursed for qualified medical expenses for themselves or eligible spouse/dependents. An HSA is a tax-exempt account that can be used to pay for the qualified healthcare expenses of the employee or eligible spouse/dependents. Available to employees enrolled in a qualified high deductible health plans (QHDHP). A QTA is an account that allows employees to make pretax contributions to pay for qualified transit and parking expenses related to their commute to work.
Who owns the account? Employer Employer Employee Employer
Contributions Employee and/or employer Employer only Employee and/or employer or any other person Employee
Rollover / Carryover If allowed per plan rules, up to $500 Yes, If allowed per plan rules Yes Determined by employer
Tax benefit Yes No Yes Yes
Substantiation required Required for payment unless auto-substantiated No No No
Are accounts portable? No (COBRA only) No (COBRA only) Yes; the account belongs to the employee. No
Can funds be used to pay for long-term care coverage? No No Yes; premiums for qualified long-term care are reimbursable. No

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FSA

Overview An FSA is a prefunded account that allows employees to make pre-tax contributions to pay for qualified healthcare expenses for themselves or eligible spouse/dependents.
Who owns the account?Employer
ContributionsEmployee and/or employer
Rollover / CarryoverIf allowed per plan rules, up to $500
Tax benefit Yes
Substantiation requiredRequired for payment unless auto-substantiated
Are accounts portable?No (COBRA only)
Can funds be used to pay for long-term care coverage?No

HRA

Overview An HRA is an account to which employers only can contribute. Employees are reimbursed for qualified medical expenses for themselves or eligible spouse/dependents.
Who owns the account?Employer
ContributionsEmployer only
Rollover / CarryoverYes, If allowed per plan rules
Tax benefitNo
Substantiation requiredNo
Are accounts portable?No (COBRA only)
Can funds be used to pay for long-term care coverage?No

HSA

Overview An HSA is a tax-exempt account that can be used to pay for the qualified healthcare expenses of the employee or eligible spouse/dependents. Available to employees enrolled in a qualified high deductible health plans (QHDHP).
Who owns the account?Employee
ContributionsEmployee and/or employer or any other person
Rollover / CarryoverYes
Tax benefitYes
Substantiation requiredNo
Are accounts portable?Yes; the account belongs to the employee.
Can funds be used to pay for long-term care coverage?Yes; premiums for qualified long-term care are reimbursable.

QTA

Overview A QTA is an account that allows employees to make pretax contributions to pay for qualified transit and parking expenses related to their commute to work.
Who owns the account?Employer
ContributionsEmployee
Rollover / CarryoverDetermined by employer
Tax benefitYes
Substantiation requiredNo
Are accounts portable?No
Can funds be used to pay for long-term care coverage?No


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