May 5, 2022

‘FSA, HRA, and HSA, Oh My!’ Discusses Benefits and Rules Around Reimbursement Plans

There is so much to unpack when it comes to deciding if health reimbursement benefits are right for you – and which option to choose. Reimbursement accounts offset expenses by setting aside pre-tax funds to pay for eligible items or services – which can range from bandages to daycare, depending on your plan type. Tune into this week’s podcast, “FSA, HRA, and HSA, Oh My!” for a primer on how to best use your available benefits.

On the latest episode of “Under the Coverage,” Prisilla, Nova’s resident reimbursement benefits expert, helps listeners figure out what they can consider – or ask their HR representative or plan administrator – to determine which option to choose. Flexible Spending Accounts (FSAs), Health Spending Accounts (HSAs), and Health Reimbursement Arrangements (HRAs) have a lot of rules around them but can also provide significant tax savings.

“First, and I know this might seem a little obvious, but you want to know what kind of account you are enrolled into, because that’s going to make a huge difference,” notes Prisilla.

She goes on to explain how eligible expenses differ from account to account, as well as some of the rules around getting reimbursed and how to do so.

“They can be complicated. They can be very unique,” says Prisilla of reimbursement accounts. “So I just really implore people that maybe if they’re having struggles with their accounts, maybe they find that they haven't been very successful in using their accounts to, call up your administrator and just have them walk through the plan design and the benefits so that you can really use it.”

To hear more insights on FSAs, HRAs, and HSAs, tune into this week’s episode.