Spending accounts are mainly available through employer-sponsored coverage, however there are also options for those with an individual health plan.
Employer-Sponsored Spending Account Options
Lifestyle Spending Account (LSA)
Post-tax dollars, giving you more flexibility and control over what type of expenses are covered. Funds can be used on a wide range of categories from home office goods to fitness, to education, or even pet care.
Health Reimbursement Arrangement (HRA)
Employers set aside a certain amount of dollars each year for employees to use for medical expenses not covered by their health plan such as deductible, co-insurance, or co-pay. Most funds expire annually, but some plans/employers allow for rollover.
Individual Coverage Health Reimbursement (ICHRA)
Employers set aside a certain amount of dollars each year for employees to use for individual premiums medical expenses not covered by their health plan such as deductible, co-insurance, or co-pay. Most funds expire annually, but some plans/employers allow for rollover. To participate, employees must have coverage through an individual health insurance policy.
Excepted Benefits Health Reimbursement Arrangement (EBHRA)
Employers set aside a certain amount of dollars each year for employees to pay for expected benefit premiums, such as standalone dental or vision coverage, short-term plans, COBRA premiums, and qualified medical expenses.
Health Flexible Spending Account (FSA)
Employees set aside pre-tax dollars for IRS approved medical, dental, vision, and over-the-counter expenses for plan holders and dependents, even if they are not covered under the group medical health plan.
Limited Purpose FSA (LPFSA)
Designed to pair with an HSA and may be established to help employees pay for eligible vision and dental expenses. Medical expenses are not permitted.
Dependent Care FSA (DCFSA)
Employees use pre-tax dollars to pay for eligible expenses related to care for a child, disabled spouse, elderly parent, or other dependents who are physically or mentally incapable of self-care.
Parking and Transit FSA (PTFSA)
Employees set aside pre-tax funds in separate accounts to pay for qualified mass transit and parking expenses associated with your commute to work.
Because spending account offerings vary by employer, it's important to understand your options. Check with your employer which accounts are included with your benefits.
If you are an employer, explore spending account options available to your business.
Individual & Family Spending Account Options
'Health Savings Account (HSA)
Whether your plan is on or off exchange, pair it with an HSA¹ and set aside pre-tax dollars for qualified medical expenses. HSA’s can also be offered by employers², but unlike most spending accounts, contributions carry over year after year and do not expire. Another key benefit is that once the account reaches its required minimum balance, you can invest your funds and save money for the future, just like a 401k. Choose from a variety of investment options that fit your needs, including a High-Yield Interest Option, which is available with all HSAs.
Members need a Qualified High-Deductible Health Plan (QHDHP) or a Bronze Metal Plan to qualify for a Health Savings Account. Review our Product Placemats or send us a secure message in Gia® for more information and questions on eligibility.
¹MVP does not charge admin fees for members who pair their qualified MVP Individual plan with an HSA.
²Members in an employer group plan can only open an HSA if the employer offers it as a spending account option.