Flexible Spending and HRA


Due to rising healthcare costs, FSA and HRA consumer-directed health plans are becoming a fast-growing solution in the marketplace. Instead of insurance providers deciding how and where healthcare allowances are spent, consumers have the choice. This helps shield employers from skyrocketing claim costs while empowering employees to take control of their health by becoming more educated and proactive and having more freedom in provider selection.

How do FSAs and HRAs work? Flexible Spending Accounts (FSAs) are employer-sponsored plans that allow employees to set aside pre-tax money for medical, dental, vision, hearing and dependent care expenses they anticipate throughout the year. Health Reimbursement Accounts (HRAs) are plans that combine the best aspects of FSAs and Medical Savings Accounts into one. These health savings accounts and plans are gaining popularity as part of consumer driven health plans (CDHPs). They turn control over to the consumer in deciding how – and where – health care benefit dollars are spent.


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