| 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 |