The following chart offers the pros and cons for an FSA vs. HSA and which health insurance plans must be elected in order to have pretax dollars placed into each type.
|
Dependent Care Account (FSA) |
Medical Reimbursement Account (FSA) |
Health Savings Account (HSA) |
|
| Which plan(s) is this account available for? |
All Plans |
Diamond, Emerald, Ruby |
Sapphire |
| Who administers this account for me? |
Discovery Benefits |
Discovery Benefits |
HSA Bank |
| What would I use this account for? |
Any eligible dependent care expense enabling you to be gainfully employed |
Any eligible health care expense |
To save for future health care expenses, but also to pay for eligible health care expenses now |
| What is the maximum amount that I can put in this account? |
$5,000 The IRS pretax contribution limit |
$2,600 The IRS pretax contribution limit |
$3,450 Employee-only coverage $6,900 Family coverage If you’ll be at least 55 years old in 2018, you can make an additional $1,000 catch-up contribution |
| How do I put money into the account? |
Through convenient pre-tax payroll deductions |
Through convenient pre-tax payroll deductions |
Through convenient pre-tax payroll deductions or by making a deposit directly with HSA Bank |
| How do I get money out of the account? |
You can use a debit card for approved expenses or you can file a paper claim |
You can use a debit card for approved expenses or you can file a paper claim |
You can use a debit card, use bank provided checks, or make a withdrawal at an ATM |
| Can I change my deposit amount during the year? |
You may only change the amount during open enrollment and if you experience a Life Event |
You may only change the amount during open enrollment and if you experience a Life Event |
You can change the amount at any time |
| When are the funds available? |
Your contribution amount is available as it comes out of your paycheck each pay period – so your entire contribution amount is not available at the beginning of the year or when coverage starts |
Your entire contribution amount is available at the beginning of the year |
Your contribution amount is available as it comes out of your paycheck each pay period – so your entire contribution amount is not available at the beginning of the year or when coverage starts |
| What happens if I don’t use the money during the year? |
Unused funds will be forfeited at the end of the plan year. No funds rollover to the next plan year. |
Unused funds will be forfeited at the end of the plan year. No funds rollover to the next plan year. |
Unused funds will roll over to the next year. Also, any growth on your balance is generally tax-free. You can take HSA funds with you when you leave GU |