0:00 HSA vs HRA (10 MAIN DIFFERENCES) 0:28 - What is an HSA? 0:47 - What is an HRA? 1:08 - Who’s eligible? 1:45 - Who funds it? 2:09 - Do I need to have an HDHP? 2:22 - How do I access my funds? 2:43 - What medical expenses are covered? 3:29 - Are there contribution limits? 4:06 - Can I invest my funds? 4:26 - What happens if I don’t use the funds? 4:54 - What happens if I leave my job? 5:18 - Are there any tax advantages?
At my job our members do not lose their HRA if they leave their job. The funds can still be used as long as you are eligible on a group health insurance policy. Also for our members the funds stay there until you use them. The only way the funds will be forfeited is if it's under $500 and the account is inactive for 3 consecutive years.
Best for saving for dental and vision in retirement. Post retirement regular medical should be covered under FEHB + MAP. In general, we have found fedvip dental dicey and fedvip vision of very limited value.
I inherited an HRA. It is invested. I receive a 1099 for it and had to pay tax on it. I contacted them and they said inherited HRA holders get taxed. I am confused by this because it's not my money. I can file claims for reimbursement for medical expenses, but I can't take money out or put money in.
Thanks for your question. It would be best to contact a financial advisor or tax professional who will be able to provide advice specific to your situation. Have a great day!
Yes, you can use your card overseas. However, you should also double-check with your HRA provider to make sure that you are covered for the dental implants overseas.
With an HRA you will not be able to receive reimbursement for cosmetic services especially out of the country. Further more an HRA only cover medical services not dental services. I think you are confusing this with the HSA.
0:00 HSA vs HRA (10 MAIN DIFFERENCES)
0:28 - What is an HSA?
0:47 - What is an HRA?
1:08 - Who’s eligible?
1:45 - Who funds it?
2:09 - Do I need to have an HDHP?
2:22 - How do I access my funds?
2:43 - What medical expenses are covered?
3:29 - Are there contribution limits?
4:06 - Can I invest my funds?
4:26 - What happens if I don’t use the funds?
4:54 - What happens if I leave my job?
5:18 - Are there any tax advantages?
love that you have the chronicles of Narnia back there :) and thanks for such a clear and concise video
Thank you for your kind comment. Have a great day!
At my job our members do not lose their HRA if they leave their job. The funds can still be used as long as you are eligible on a group health insurance policy. Also for our members the funds stay there until you use them. The only way the funds will be forfeited is if it's under $500 and the account is inactive for 3 consecutive years.
That's great to know. It sounds like you work for a fantastic company. Thanks so much for sharing!
Best for saving for dental and vision in retirement. Post retirement regular medical should be covered under FEHB + MAP. In general, we have found fedvip dental dicey and fedvip vision of very limited value.
Do you have any additional questions about HSAs or HRAs?
I inherited an HRA. It is invested. I receive a 1099 for it and had to pay tax on it.
I contacted them and they said inherited HRA holders get taxed.
I am confused by this because it's not my money. I can file claims for reimbursement for medical expenses, but I can't take money out or put money in.
Thanks for your question. It would be best to contact a financial advisor or tax professional who will be able to provide advice specific to your situation. Have a great day!
If one spouse has an HSA and the other has an HRA. Can the HRA reimburse for the HSA premiums?
Young Dorothy Garcia Carol Robinson Gary
I’m getting dental implants overseas (not cosmetic)and want to pay with my hra with the debit card they gave. Can I use the card overseas
Yes, you can use your card overseas. However, you should also double-check with your HRA provider to make sure that you are covered for the dental implants overseas.
With an HRA you will not be able to receive reimbursement for cosmetic services especially out of the country. Further more an HRA only cover medical services not dental services. I think you are confusing this with the HSA.
@@thenaturalgemini lol welp I did as dental implants are not considered cosmetic and they paid the whole thing
Smith Scott Robinson Jennifer Martin Eric
𝕡𝕣𝕠𝕞𝕠𝕤𝕞 😢