You know that you would like to provide a health benefit account in order to maximize the benefits for your employees, but which type of account do you choose – a Health Savings Account, Flexible Spending Account, or Health Reimbursement Arrangement?

HSAs, FSAs and HRAs are all types of accounts that are used to pay for health care expenses. It’s important to compare the differences between these accounts in order to choose the one that will fit best, or to offer a combination of accounts to further maximize employee benefits.

Here are some advantages and things to consider for each type of account.

Health Savings Accounts

Flexible Spending Accounts

Health Reimbursement Arrangements

There are options where you can offer more than one of these accounts, but there are specific set up rules to consider depending on which accounts you would like to offer together. Please contact Fyte HCM for more information on these accounts and plan design options.