Health Savings Accounts

YGrad HEALTH SAVINGS ACCOUNTS FSA HSA HRA Flexible Spending Account Health Savings Health Reimbursement Account Arrangement WHAT IS IT? %24 YOURS MEDICAL EXPENSES This type of account is set up by your employer. Both you and your employer may contribute, and your An HSA is a great choice if you have a high-deductible health plan. Either you or your employer set up the HSA, but the account belongs to you, not your employer. Your employer can contribute to your HSA, as can other people, such as your family. An HRA is essentially a little pot of money your employer sets aside just for your qualified medical expenses. As an employee, you cannot contribute to the account. contributions come out of your paycheck before taxes, lowering your taxable income. That saves you money with every contribution! WHY CHOOSE IT? MED BILL MED BILL HSA 2014 FSA HSA 2013 You can build up a fund to pay for your health care expenses throughout the year. If you Your HSA stays with you when you change jobs, you contribute with pre-tax earnings, earn interest on your money, and can roll over the year-end balance. If you're self-employed, an HSA is your only choice. If money is tight, this is a nice perk because your employer funds it. And when you have a qualifying medical expense, you can get reimbursed from your HRA. Those expenses could include your co-pay, deductible, mileage to the doctor's office, and basics like bandages. have a doctor visit or medical procedure scheduled, you can plan ahead and make contributions to cover your out-of-pocket costs. FRIENDLY REMINDER $0 $6550 $3300 FSA 2013 INDIVIDUAL FAMILY This could be your only option if your employer doesn't participate in an FSA or HRA. There is a yearly maximum contribution of $3300 for individuals and $6550 for families. Banks and insurance This account is set up by your You forfeit the balance if you leave your job. If you have a balance at the end of the year, it will revert to your employer and you'll start the new year with a $0 balance. Plus, this type is not available to self- employed people. employer, but does not count as income for tax purposes. Your employer owns the account, and decides if any year-end balance stays in the account or reverts to the companies make it easy to company. create an account online. HOT TIP TAX Your HSA money comes out of your paycheck pre-tax, and you can use the money for qualified medical expenses You can contribute with each This account doesn't reduce paycheck, making it an affordable way to build up your account. Unfortunately, your FSA does not earn interest, but it does reduce your taxable income. your taxable income or earn interest, but you can use it to meet your co-pay, deductible, and other out-of-pocket expenses. It's free money dedicated to your health care expenses! tax free. It's not treated as income when you take money out for medical bills. (All three options offer advantages in helping you pay for your health care expenses, so make sure you take advantage of tax benefits and free money by setting up a plan as soon as possible. With your health care payments minimized, you're instantly better off financially.) YGrad %24