APPENDIX A - Educational Information HSA / FSA Comparison Chart
Plan Feature
If I don ’ t spend it , will it earn interest for me ?
What can I pay for with it ?
Can I use it for things other than health care ?
Can I have any other accounts with it ?
If I receive COBRA benefits , do COBRA rights apply to it ?
Can I use it to pay for COBRA plan premiums or other plan premiums ?
Health Savings Bank Acct with HDHP Medical
Yes , an HSA can earn interest . But the amount you can earn depends on the bank you use and how much you have in the account .
You can pay for hundreds of qualified medical expenses , which are determined by the IRS . This can include services covered by a health plan . You can also use it to pay for dental , vision and many other health care services and supplies that are listed under Section 213 ( d ) of the Internal Revenue Code . Refer to IRS Publication 502 .
No , if you are under the age of 65 . And if you use it for services that aren ' t qualified medical expenses , you could pay a 20 % penalty tax . If you are over the age of 65 , you can use it for pretty much anything .
Yes . You can have a limited-purpose FSA or limited-purpose HRA , which can only be used for eligible dental and vision services .
COBRA does not apply to the account . But COBRA rights apply to the high-deductible health plan offered by your employer . Check with your employer for details .
Limited Scope FSA with HDHP Medical
No . No .
You can pay for hundreds of eligible dental and / or vision expenses , which are determined by the IRS and your employer . Refer to Publication 502 for additional information regarding covered services .
No . No .
Yes . You can have a dependent care FSA . You can use a dependent care FSA to pay for eligible day care and elder care services . Refer to IRS Publication 503 .
Yes , COBRA rights apply . Check with your employer for details .
Yes . No . No .
Health Care FSA with EPO Medical
You can pay for hundreds of eligible medical expenses , which are determined by the IRS and your employer . This can include services covered by a health plan . It can also be used for dental , vision and many other health care services and supplies that are listed under Section 213 ( d ) of the Internal Revenue Code . Refer to IRS Publication 502 .
Yes . You can have a dependent care FSA . You can use a dependent care FSA to pay for eligible day care and elder care services . Refer to IRS Publication 503 .
Yes , COBRA rights apply . Check with your employer for details ..
What ’ s the difference between a qualified medical expense and an eligible medical expense ? A qualified medical expense is a health care service , treatment or item that the IRS says can be purchased without having to pay taxes . An eligible medical expense is a health care service , treatment or item that the IRS says can be covered or reimbursed ( paid back ) by a benefit plan .
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