May 20, 2019
Healthcare can be expensive, but with tax-advantaged health accounts like HSAs, FSAs and HRAs, you can set aside funds for when you need them. Most decisions about how much to save in these accounts are made during annual benefit enrollment each year, but there are things you can do now to get the most from your savings.
Using Health Savings Accounts
If you elect a High Deductible Health Plan (HDHP), you can contribute to a Health Savings Account, if eligible. Your contributions are not taxed, and you can increase/change your contributions at any time during the year. What you can do now: Watch your account balance.
Using Flexible Spending Accounts
Preferred Provider Organization (PPO) plan participants can contribute to a Healthcare Flexible Spending Account. Your contributions are not taxed and the full amount of your annual election is available on Jan. 1 each year. What you can do now: Track your expenses.
What about HRAs?
Health Reimbursement Arrangements (HRAs) are accounts for employer contributions only. If you earn Healthy Rewards for completing activities in the SmartHealth Well-being Program, Ascension deposits your rewards into an HRA, if
Unused HRA balances roll forward from year to year, as long as you continue to work for Ascension.If you are contributing to a Healthcare FSA, your expenses are paid from the FSA first, and when your FSA account is depleted, the expenses are automatically paid from your HRA.
Have questions about your HRA, HSA or FSA, contact Connect Your Care at 1-844-594-1231.