| HSA/HRA Chart |
Health Savings Account |
Health Reimbursement Account |
| |
HSA |
Fortis Insurance Company
HSA Plans |
HRA |
Fortis Insurance Company
HRA Plans |
| Availability |
Individuals or any size group |
Any Size Group
(not available to partners in partnership, shareholders
who own more than 2% of a Sub-S Corp.) |
Employers ineligible for HRA can set up multiple plans
with an HRA for employees and a HSA for themselves |
| Maximum Contributions |
The lesser of deductible or $2,600 for singles
and $5,150 for families
(amount increases annually based on CPI) |
Maximum reimbursement determined by employer |
FIC recommends the employer reimburse no more than 50% of
the deductible to encourage consumerism |
| Additional Contribution Allowance |
Annual contributions allowed for age 55 or
older ($500 for 2004) |
Not applicable |
| Eligible Contributors |
Individuals, Employers and/or Employees |
Employers only |
| Tax Deductibility - Employer |
Contributions are tax deductible |
Reimbursements are tax
deductible |
| Tax Deductibility - Employees |
Contributions may either be pre-tax if offered
through a cafeteria plan or tax deductible (without
itemizing) |
No employee tax deduction (employer
sponsored Only) |
| Fund or Account Ownership |
Employee |
Employer |
| Portable |
Yes |
No |
| Rollover of Funds |
Yes |
Employer determines if allowed
and can set caps |
| Funding Required |
Yes |
No pre-funding necessary |
| Plan Types |
High deductible plan required as defined by HSA law; no
copay plans |
PPO, Indemnity, Hospital-only PPO, 100% rate of payment |
No plan restrictions |
PPO, Indemnity, Hospital-only; no office visits copay
plans offered to maximize savings and encourage consumerism; 100% rate
of payment |
| Deductibles - Single 2004 |
$1,000 minimum |
$2,000 $2,500
$3,000 $5,000 |
No Limits |
$2,000 $2,500 $3,000
$5,000 $10,000 |
| Deductibles - Family 2004 |
$2,000 minimum |
$4,000 $5,000
$6,000 $10,000 |
No Limits |
$4,000 $5,000 $6,000
$10,000 $20,000 |
| Out of Pocket Maximum |
Singles - up to $5,000
Family- up to $10,000
(includes deductible but not out of network costs)
|
Same as deductible selected (does not
include out of network costs) |
No Limits |
Same as deductible selected (does not
include out of network costs) |
| RX Copay Allowed? |
No |
Yes |
Optional $15/$45 copay plan |
| Administration |
Insurance company, TPA or bank |
MSAver, FIC-endorsed TPA
(no separate admin fees) |
Self Administered, insurance company or TPA |
EBC, FIC endorsed TPA; (no separate admin
fees for qualified plans) |
| Withdrawals for non-qualified expenses |
Taxable and subject to 10% penalty (no
penalty for over age 65) |
Reimbursements only for qualified eligible
expenses: employer determines whether to pay after age 65 |
