Healthy Boiler

HSAs, HRAs, FSAs useful resources for eligible medical, prescription, vision, dental expenses

Health Savings Accounts (HSA), Health Reimbursement Arrangements (HRA) and Flexible Spending Accounts (FSA) all let you set aside money on a pre-tax basis to pay for eligible medical, prescription, vision and dental expenses incurred by you and by your eligible dependents (e.g. spouse, IRS-qualifying child — one you can claim on your taxes) during their HSA coverage period.

Examples of common eligible expenses include things such as co-pays and providers’ office visits; prescription medication at the pharmacy; breast pumps and lactation supplies; physical therapy; behavioral health care (psychiatric care, psychoanalysis, psychologist visits); dental treatments like X-rays, cleanings and fillings; and more.

 For a full list of IRS-qualified medical expenses, please review IRS Publication 502.

Each account offers its own unique characteristics, for instance, in an HSA, unused funds roll forward from year to year, but in an HRA or FSA, funds do not roll forward, which means they must be used each year or you will lose those funds. Another thing to remember is that with HSAs and FSAs, both you and your employer (Purdue) can put money into the accounts. In an HRA, only the employer can add funds. The money in an HSA can be invested while money in FSAs and HRAs cannot be invested. See the “How Health/Dependent Care Spending Accounts Work” for specifics.

More information on each type of account is available via the links below:  

When it comes to your physical health – as well as your behavioral health and financial wellness – funding accounts such as HSAs, HRAs and FSAs can play a vital role. Make sure to check the eligibility of the medical, dental, vision and prescription expenses before you pay out of pocket for them; your HSA, HRA or FSA could take care of them for you, simply by swiping your HSA Bank card! However, if you do have to pay out-of-pocket for an eligible expense, be sure to file a claim to request reimbursement for the expense. Filing a claim with HSA Bank is easy via the website www.hsabank.com or through the HSA Bank mobile app. Use the (FSA/HRA) HSA Bank Reimbursement Account Claim Form. (If you have more than one account, funds will be pulled based on account stacking order.)

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