Comparison of Health Reimbursement Account (HRA), Health Savings Account (HSA) and Health Care Flexible Spending Account (FSA) 2020 HRA HSA FSA
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Comparison of Health Reimbursement Account (HRA), Health Savings Account (HSA) and Health Care Flexible Spending Account (FSA) 2020 HRA HSA FSA Eligibility Requirements Enrolled in the Health Account Plan Who Contributes Sprint Only Maximum Annual Contribution $800/Employee Only $1,600/Family Enrolled in the Basic or Core Plan and you must meet specific government-regulated eligibility requirements in IRS publication 969 (www.irs.gov/pub/irs-pdf/p969.pdf) Enrolled in the Health Account Plan (not Basic or Core Plan); or not enrolled in any Sprint medical plan Sprint and Employee (employee pre-tax contributions) Employee (pre-tax contributions) $3,550/Employee Only $7,100/Family $2,700 How Much of the Maximum Annual Contribution Does Sprint Fund? $800/Employee Only $1,600/Family Additional $1,000 catch up contribution if employee is 55 or older $500/Employee Only* $1,000/Family* None Funding is pro-rated for mid-year *Only if the employee elects to contribute enrollments at least $24 annually. Do I need to set up No. a bank account? Funding is pro-rated for mid-year enrollments. Yes. Your election to contribute will No. automatically allow for a bank account to be opened with HealthEquity, the HSA administrator. HRA HSA FSA When is funding deposited/ available? January 1 of the Plan Year or as of the effective date of benefits for mid-year enrollments Total employee annual contribution and Sprint's applicable contribution is divided by the remaining pay periods for the Plan Year and deposited in accordance with every check that has a benefit deduction taken (up to 24 annually). January 1 of the Plan Year or as of the effective date of benefits for mid-year enrollments How do I get access to the available funds? Medical and prescription drug claims are automatically paid with available HRA funds as they are processed through the third party administrator until they are exhausted. You receive a debit card from Health Equity to pay your qualified expenses using your available funds. You receive a debit card from WageWorks to pay your qualified expenses using your available funds or you may submit claims for reimbursement. What expenses qualify? Allowable expenses as outlined in the medical Plan Summary Plan Description. Eligible medical, prescription drug, dental and vision expenses as outlined in IRS Publication 502 (www.irs.gov/pub/irspdf/p502.pdf). Eligible expenses as determined by the IRS. View the list at https://www.wageworks.com/spendingaccounts/hcfsa/ Who can I use the funds for? Only covered members under the Health Account Plan. Any qualified tax dependents, regardless of whether or not they are covered under the medical plan. Any qualified tax dependents, regardless of whether or not they are covered under the medical plan. Can I carryover any Yes (up to $3,000/employee only Yes (no limit) No unused funds to the or $6,000/family) next year? Are the funds No. Yes No portable after termination? Administrator UnitedHealthcare or BlueCross BlueShield of Illinois (dependent on the state you reside in) Health Equity WageWorks Where do I find more information? Health Account Plan Health Savings Account-Administered Flexible Spending Accounts by HealthEquityMicrosoft Word 2013 Microsoft Word 2013