Those are some of the similarities and differences between these three accounts. So, it’s a good idea to avoid putting more money into your FSA than you can spend in a plan year. The big difference with FSAs is they may follow the use it or lose it rule, meaning if you don’t spend your FSA funds within your plan year, you can’t carry it over to the next. You or your employer contribute pretax payroll deductions, which you can use for eligible medical and dependent care expenses. Moving onto our last type: the flexible spending account, or FSA.Īlthough they are offered through your employer, FSAs don’t have to be tied to a health plan. ON-SCREEN TEXT: [Flexible spending account As long as you have money in your HRA, you can use it to help pay for qualified out-of-pocket medical expenses.īut, because HRAs are only funded by your employer, you can’t take your HRA with you if you change jobs - it belongs to your employer. In some ways, a health reimbursement account, or HRA, is similar.
ON-SCREEN TEXT: [Health reimbursement account
Since it’s your HSA, the money in it stays with you even if you change employers, health plans or you retire. There’s no limit to how much you can save over time, but there are annual contribution limits. Spend your HSA dollars on qualified out-of-pocket medical expenses - and that’s also tax-free. You’re responsible for funding it - and your employer, family and others can put money into it if they choose.Įvery dollar you contribute to and save in your HSA is tax-free. Let’s take a look at where they’re alike - and where they’re not - starting withĪ few things to know: you can open an HSA when you enroll in certain high deductible health plans. You may have heard of any one of them:Įach account works in its own way to help you save and pay for eligible out-of-pocket medical expenses. Cigna may not control the content or links of non-Cigna websites.Many health plans include an account designed with money-saving opportunities in mind. Selecting these links will take you away from to another website, which may be a non-Cigna website. LINA and NYLGICNY are not affiliates of Cigna. The Cigna name, logo, and other Cigna marks are owned by Cigna Intellectual Property, Inc. Accidental Injury, Critical Illness, and Hospital Care plans or insurance policies are distributed exclusively by or through operating subsidiaries of Cigna Corporation, are administered by Cigna Health and Life Insurance Company, and are insured by either (i) Cigna Health and Life Insurance Company (Bloomfield, CT) (ii) Life Insurance Company of North America (“LINA”) (Philadelphia, PA) or (iii) New York Life Group Insurance Company of NY (“NYLGICNY”) (New York, NY), formerly known as Cigna Life Insurance Company of New York. That insure or administer group HMO, dental HMO, and other products or services in your state).
Group health insurance and health benefit plans are insured or administered by CHLIC, Connecticut General Life Insurance Company (CGLIC), or their affiliates ( see For costs and details of coverage, review your plan documents or contact a Cigna representative.Īll Cigna products and services are provided exclusively by or through operating subsidiaries of Cigna Corporation, including Cigna Health and Life Insurance Company, Cigna HealthCare of Arizona, Inc., Cigna HealthCare of Georgia, Inc., Cigna HealthCare of Illinois, Inc., Cigna HealthCare of North Carolina, Inc. All health insurance policies and health benefit plans contain exclusions and limitations. Product availability may vary by location and plan type and is subject to change. State Policy Disclosures, Exclusions, and Limitations Find an in-network doctor, dentist, or facility
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