Open enrollment is the perfect time to take a closer look at your benefit options. If your employer offers multiple account types—FSA, HRA, or HSA—it’s important to understand the differences so you can make the choice that best fits your needs.
- FSA (Flexible Spending Account): Ideal for predictable out-of-pocket expenses, with tax savings—but keep in mind the “use it or lose it” rule.
- HRA (Health Reimbursement Arrangement): Fully employer-funded and flexible, but only available if your employer offers it. Funds generally stay with your employer if you leave your job.
- HSA (Health Savings Account): Triple tax advantages, investment opportunities, and funds that roll over every year—but you’ll need to be enrolled in a high-deductible health plan (HDHP).
When choosing, think about your healthcare spending habits, your family’s needs, and how much flexibility you want with your funds. Be sure to ask your employer about contribution options, rollover rules, or grace periods.
Not sure which account is right for you? Visit our website and check out our FAQs for a deeper dive into the pros and cons of each.
Making a thoughtful decision now can save you money, reduce stress, and help you get the most from your benefits all year long.
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