Introducing a new vendor for Administration of HRAs, HSAs, FSAs, DCRAs:
Types of Accounts
- Medical Care Flexible Spending Account (FSA): Employee-owned tax-exempt account for the purposes of paying for eligible medical expenses.
- Dependent Care Reimbursement Account (DCRA): Employee-owned tax-exempt account for the purposes of paying for day-care expenses for eligible dependents.
- Health Reimbursement Arrangement (HRA): Employer-owned accounts for paying medical expenses. Eligible expenses are determined by collective bargaining.
- Health Savings Account (HSA): Employee-owned tax-exempt account for paying medical expenses. These are available only on Consumer Driven Health Plans (CDHPs).
Information on these types of accounts is further described under the IRS Publication 969.