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Alternatives to Health Reimbursement Account (HRA)

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Alternatives to Health Reimbursement Account

Alternatives to Health Reimbursement Account (HRA)

What is a health care reimbursement account and how can we distinguish this from HSA?

Health reimbursent account is an employee’s account maintained by their employer, it is used for reimbursement of medical expenses. Employers are having full control over HRA. We can understand it better by differentiating it from HSA. HSA is a portable and employees account because it can be carried by the employees year to year and anywhere they move. HRA do not need to be funded earlier by the employer but it can be used as eligible medical expenses on pay as you go basis. A HSA can be funded by any one of the employee or employer but the HRA is funded by the employer.

What is the meaning of Archer Medical Savings Account (MSA)?

An Archer MSA is very much like an IRA which is used along with a qualified high deductible health plan (HDHP). An MSA is basically used for saving medical expenses. It is tax advantaged arrangement. In this plan, earnings and deductible conditions are accepted. Contribution made to MSA is tax deductible whereas withdrawing funds is tax free at any time. If the withdrawal is made for non qualified medical expenses before retirement then it becomes the matter to income tax with 15% penalty. And after the age of 65, contribution made to non qualified medical expenses are the matter to tax as ordinary income and but not penalty. HSA offers great flexibility than MSA, so most of the people aware of this go for HSA.

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