HSA vs HRA | Which Health Insurance Option is Better for You?

[@DiamondNestEgg]

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[@Ant-ss8jk]

Thank you so much. I am moving companies from a PPO that covers all my daughters medical expenses to a company with High deductible HSA and HRA plans. With my daughter I am for sure going to be paying my out of the pocket maximum per year with the HRA so why not also get the HSA to pay the out of pocket maximum tax free.

[@zd1306]

Thank you, Bless you!

[@myrnadelarosa7466]

What if like me you are 70 yrs, still working as a nurse for school system after retired from the hospital and would like to get HSA for future medical expense. Is it possible since the employer doesn't offer it? Thank you for sharing your wealth of info.

[@DiamondNestEgg]

You're welcome. As we understand it, you can open one on your own. Some of our clients have one with Fidelity, but you still need to meet all the requirements (e.g., having an HDHP, not enrolled in Medicare, not claimed as a dependent on someone else's tax return, etc.).

[@bbxy2418]

Thanks for the info!!!

[@DiamondNestEgg]

Your welcome!

[@angeliachen1799]

Very helpful!

[@DiamondNestEgg]

Thanks - glad it was useful!

[@NicolKOsborne1894]

do you know if people have HSA and HMA's?

[@nick_7979]

Still confusing to me. My employer also offers some sort of awarded points for doing certain things... Like getting your steps in by putting your Fitbit on your dog. Lol. Not sure on how that point system works either. No one at work is very knowledgeable in the healthcare options.

[@DiamondNestEgg]

In a nutshell, if: 1) your employer offers an HSA, 2) you have an HSA-eligible high-deductible health plan & 3) you can afford the HSA contributions, you should take them up on their offer. AND if they offer an HRA, you should take that as well - your employer funds this, so why not? Versus an HSA which is funded by you (unless they offer you some sort of matching program). Just ask your employer what they offer - someone there should be able to tell you this.

[@darwinjina]

HSA money grows? I had not heard this.