So many acronyms – so little time. Here’s your guide to getting tax benefits on your medical expenses. Here at SimplyInsured – we want to make your life easier.

Health Savings Account (HSA) Health Reimbursement Account (HRA) Flexible Spending Account (FSA)
Who can contribute Employer or Employee

Employer only

Employer or Employee

Maximum yearly contribution $3,500 single/
$6,250 family
$2,500 No Maximum
Do I lose the money in the account? No, stays in account Determined by employer “Use it or lose it”
Funds can be spent on… Qualified medical expenses Qualified medical expenses and health insurance premiums Qualified medical expenses and health insurance premiums
Tax Treatment Tax-free (Federal and Social Security) Tax-free (Federal and Social Security) Tax-free (Federal and Social Security)
Eligibility Requirements HSA qualified health insurance plan None None