Find Information about HSAs, FSAs, and HRAs
MVP offers three spending account options that can be offered alongside health plans to give your employees the opportunity to save on qualified expenses. Learn the basics of each account including eligibility, tax benefits, and more.
Health Savings Accounts (HSA)
HSAs are personal, interest-bearing savings accounts that cover out-of-pocket medical, dental, and vision costs. Funds rollover from year to year and they are completely portable. Plus, contributions are tax-deductible, assets grow tax-free, and funds are not taxed when used for qualified medical expenses.
Flexible Spending Accounts (FSA)
FSAs integrate seamlessly with MVP’s health plans, making administration simpler for you and your employees. MVP offers four types of FSAs:
- Medical FSA: Uses pre-tax dollars to cover qualified out-of-pocket medical expenses.
- Limited Purpose FSA: Uses pre-tax dollars to cover qualified out-of-pocket dental and vision expenses. This type of account is typically paired with an HSA.
- Dependent Care FSA: Uses pre-tax dollars to cover daycare expenses.
- Parking and Transit FSA: Uses pre-tax dollars to cover work-related parking/transit expenses.
Health Reimbursement Arrangements (HRA)
HRAs are employer-owned and funded accounts that reimburse employees for qualified out-of-pocket medical expenses. MVP’s HRA offering can be setup three different ways:
- Member First: Pair with a health plan that has a member cost responsibility, which must be met before the HRA can be used.
- Employer First: HRA pays first dollar. Member may or may not have a responsibility after HRA funds are exhausted.
- Comprehensive: Can be structured with a member cost share as a percentage of each claim.
MVP also offers a Retiree HRA to help retired employees pay for plan-eligible medical expenses during retirement and a Wellness HRA to reward your employees for making healthy choices. Both HRAs can be customized to fit your needs.
Spending Account Options at a Glance
Spending Account Comparison Table
2023 and 2024 Spending Account Fees
|Employer Group-Sponsored Plan Administrative Fees*||NY & VT Small Group||NY Large Group||VT Large Group|
|Administration Fee||$2.50 PCPM||$4 PCPM||$3 PCPM|
|Renewal Fee||No charge; $500 late renewal fee|
|Changes/Customized Programming/Corrections/Audit Requests||$100 per hour|
|Non-Discrimination Testing, available upon request||$350 per test|
|Debit Card Replacement Card||No charge|
|Dependent Debit Card (Dependents age 18 and over)||No charge|