To help you understand the differences between the Health Reimbursement Account (HRA), Health Savings Account (HSA), Limited Flexible Spending Account (FSA) and Medical Flexible Spending Account (FSA), please review the table below. HRA, HSA, FSA: What’s the Difference? Feature HRA HSA Limited FSA Medical FSA
You must: • Only have medical coverage under a High Deductible Health Plan (HDHP) • Not be enrolled in Medicare • Not be participating in Medical FSA (you may be enrolled in the Limited FSA as an alternative) • Not be claimed as a dependent on someone else's tax return
You must be enrolled in a Hig h Deductible Health Plan (HDHP) & a Health Savings Plan (HSA), like the Cigna Choice Fund HSA medical plan.
You can't be enrolled in a High Deductible Health Plan (HDHP) & Health Savings Account (HSA).
You must be enrolled in the Cigna Choice Fund HRA medical plan.
Eligibility requirements
Who owns the account?
MAA
You
MAA
MAA
Who administers the account?
Cigna
HSA Bank
WEX Benefits
WEX Benefits
Who can contribute to the account?
MAA
You & MAA
You
You
MAA contributes: • $100 for self-only coverage • $300 for family coverage
MAA contributes: • $250 when you cover 1+ children (no spouse) • Up to $400 each for you & your spouse based on completion of wellness activities through the Cigna Healthcare Wellness Experience
• Up to an additional $600 each for you + spouse based on completion of wellness activities through the Cigna Healthcare Wellness Experience You may contribute: • Up to $4,300 for self-only coverage • Up to $8,550 for family coverage • Up to an additional $1,000 if between the ages of 55-64 in 2025
What are the annual contributions for 2024?
You may contribute up to $3,300
You may contribute up to $3,300
You may change your contributes as a result of a qualifying life event Jan. 1 or date your coverage begins You can access your funds by FSA debit card or submitting a claim for reimbursement You may carryover up to $660 into the next year. Any additional remaining amounts are forfeited. No, you can submit claims incurred through your termination date Your payroll contributions are withheld before taxes & qualifying distributions are tax-free.
You may change your contributions as a result of a qualifying life event Jan. 1 or date your coverage begins You can access your funds by FSA debit card or submitting a claim for reimbursement You may carryover up to $660 into the next year. Any additional remaining amounts are forfeited. No, you can submit claims incurred through your termination date Your payroll contributions are withheld before taxes & qualifying distributions are tax-free.
Are mid-year contribution changes allowed?
n/a (only MAA contributes)
You may change your contributions at any time
When are the funds available?
Jan. 1 or date your coverage begins
As they are deposited into your account
As medical claims are incurred, Cigna uses the funds to pay expenses applied toward your out- of-pocket costs (i.e. copays, deductible, & coinsurance Unused funds carryover from year to year if you remain covered under this plan. If you cease to be covered by the Choice
You can access your funds by HSA debit card, online bill pay, HSA checkbook and/ or medical auto claim forwarding through Cigna
How are the funds used?
What happens to funds at the end of the plan year?
Unused funds carryover from year to year
Fund HRA plan, the balance is forfeited.
Can you take the account if you leave MAA?
No
Yes
N/A (only MAA contributes to this account & you aren't taxed on the MAA contributions or qualifying distributions).
Your payroll contributions are withheld before taxes. Earnings on your contributions & qualified distributions are tax-free.
What are your tax advantages?
30
Made with FlippingBook Digital Publishing Software