A Health Savings Account (HSA) is an actual bank account that is funded by the employer and/or the employee. Offering potential tax advantages, this account provides a way to help employees cover out-of-pocket expenses associated with their qualified high-deductible health plans. The money in this account can rollover from year to year and it belongs to the employee.

A Health Reimbursement Arrangement (HRA) is an account owned and funded by an employer that reimburses employees for qualified, out-of-pocket health-related medical expenses. Typically integrated with an MVP high deductible health plan to help offset the cost of the deductible; it may be used with other MVP plans to reimburse copayments and other covered medical expenses. The employer selects the amount of annual contribution and basic account design.

 
A Flexible Spending Account (FSA) works like a typical FSA – enabling employees to set aside pre-tax dollars to cover qualified, out-of-pocket medical expenses. This FSA integrates seamlessly with your MVP plan benefits – making administration simpler for both the employee and the employer. It can also be used in combination with an HRA or HSA.

 
COBRA is an administrative service intended to alleviate the administrative burdens from employers.

Learn More

• Managing Your High Deductible Plan
• Making High-Deductible Do-able for Employers
  
• IRS Health Savings Accounts and other Tax-Favored Health Plans
  
• IRS Guidelines
  
• 2011 Over-the-Counter Guidelines