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HSAs versus other Benefit 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 2010, an HSA allows for a deductible as low as $1,200 for individual
coverage and $2,400 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 - As of 2009, individuals age
55 or older may contribute an extra $1000 per year to an HSA.
- 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.
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