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HSAs vs. Other Plans

Click here to view a comparison chart of HSA, MSA, HRA, and FSA.

HSA vs. MSA

In many ways, Health Savings Accounts resemble the Archer Medical Savings Accounts that have been around since 1997.

• The account is specifically earmarked to pay for qualified medical expenses.
  
  
• The individual owns the money in the account.
  
  
• The previous year's contributions roll over into the next year.
  
  
• The account is portable from one employer to another.
  

But that is where the similarities end. Unlike an MSA:

• For 2008, an HSA allows for a deductible as low as $1,100 for individual coverage and $2,200 for family coverage.
  
  
• HSAs are not limited to the self-employed or businesses with 50 or fewer employees.
  
  
• Anyone under the age of 65 with an eligible HDHP is eligible for an HSA. "Catch-Up" Contributions - Individuals age 55 or older may contribute an extra $500 per year to an HSA. This provision increases $100 each year up to 2009, when the contribution can be $1,000.
  
  
• HSAs allow employees to contribute 100% of their deductible, eliminating post-tax expense.
  
  
• Both the employer and the employee can contribute to an HSA.
  

This new twist to the employee benefit arena creates exciting new possibilities when used in conjunction with the current Flexible Spending Accounts, Health Reimbursement Arrangements, and other employer sponsored reimbursement plans.

Click here to view a comparison chart of HSA, MSA, HRA, and FSA.