Understanding HSA, HRA, And FSA Plans NEW
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10 سال پیش
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This video gives easy-to-understand explanations
This video gives easy-to-understand explanations for various types of accounts as they relate to health plans and tax implications. It also shows the differences and similarities among the different accounts.
H.S.A. - HEALTH SAVINGS ACCOUNT
An HSA is a tax-advantaged medical savings account available to taxpayers enrolled in a HDHP (high deductible health plan).
H.S.A. definition from Healthcare.gov:
A medical savings account available to taxpayers who are enrolled in a High Deductible Health Plan. The funds contributed to the account aren't subject to federal income tax at the time of deposit.
Funds must be used to pay for qualified medical expenses.
Important IRS Updates
Contribution Limits & FSA Compliance
11/11/14 update - The Internal Revenue Service announced the following new benefit plan limits for 2015.
Health Savings Account (HSA) Limits:
2015 HSA contribution limits are $3,350 for self-only coverage and $6,650 for family coverage.
High deductible health plan deductibles are $1,300 for individuals and $2,600 for families.
Out-of-pocket expenses cannot exceed $6,450 for individuals and $12,900 for families.
H.R.A. - HEALTH REIMBURSEMENT ARRANGEMENT
Money in an HRA can only be used to pay for eligible medical expenses incurred by employees and their dependents enrolled in an HRA. An employer may limit what expenses are eligible under an HRA plan.
H.R.A. definition from Healthcare.gov:
Health Reimbursement Accounts (HRAs) are employer-funded group health plans from which employees are reimbursed tax-free for qualified medical expenses up to a fixed dollar amount per year. Unused amounts may be rolled over to be used in subsequent years. The employer funds and owns the account. Health Reimbursement Accounts are sometimes called Health Reimbursement Arrangements.
F.S.A. - FLEXIBLE SPENDING ARRANGEMENT
A Health Care Flexible Spending Arrangement (FSA) is an employer sponsored benefit that enables employees to set aside pre-tax dollars out of their paycheck to pay for eligible health care expenses. Monies put into the plan avoid both Federal Income Tax and FICA.
11/11/14 update - The Internal Revenue Service announced the following new benefit plan limits for 2015. In addition, the IRS just issued an important change to Section 125 Cafeteria Plans. We're notifying FSA clients about this change now.
Flexible Spending Account (FSAs) Limits:
Healthcare FSA: The annual maximum for Healthcare FSAs has increased from $2,500 to $2,550 for 2015.
Dependent Care FSA: At this time, the IRS has not released information on contribution limit changes to these plans.
Transit & Parking FSA: Contribution limits remain unchanged for 2015. The monthly limits are $250 for parking, $130 for transit and $20 for bicycle commuting.
F.S.A. definition from Healthcare.gov:
A Flexible Spending Account (also known as a Flexible Spending Arrangement) is a special account you put money into that you use to pay for certain out-of-pocket health care costs.
You don’t have to pay taxes on this money. This means you’ll save an amount equal to the taxes you would have paid on the money you set aside.
You can use funds in your FSA to pay for certain medical and dental expenses, including copayments and deductibles.
FSAs are available only with job-based health plans. Employers may make contributions to your FSA.
You can’t spend FSA funds on insurance premiums.
*** As always, be sure to consult your CPA and Plan Administrator on the rules for limits, carry-overs, and allowable deductions for every plan year.
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در تاریخ 1393/05/21 منتشر شده
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