Do Most Employers Offer Both FSA and HSA Accounts?

posted in: Employers | 0

Most employees are actually more concerned with the benefits that they are going to get from the company rather than their salary figures. Company benefits can actually play a big role in terms of choosing an employer. Employees nowadays are more engaged when it comes to benefits such as retirement plans and most importantly health insurance packages. Employers are now making sure that health benefits for the employees be given top priority.

Getting the Best Healthcare Package
Some people may think that having proper medical insurance is not that important but if you care about your health and future, then it would help a great deal if you have the right insurance that can cover the expenses when the need arises. FSA and HSA are one of the best ways that employers can help their employees in terms of effectively managing the costs of healthcare. FSA or Flexible Spending Accounts is basically a special account which can be used to cover out of pocket health care expenses. Employers can make FSA contributions but it is not actually a requirement, rather it is considered as a benefit.

HSA or Health Savings Account is a type of medical savings account for taxpayers in the U.S. who are presently enrolled in HDHP or high deductible health plan. The funds in the HSA are not subjected to tax and will roll over and be accumulated every year. HSA’s are owned by individuals which makes it different from FSA.

Not all employers offer the exact same healthcare benefits such as FSA and HSA since it is not mandatory. However, there are some companies or employers that do offer the best of both worlds wherein you can just pick whether FSA or HSA will work best for your situation. Being presented with such wonderful options is indeed a great benefit for the employee. If you find an employer which can take care of your healthcare needs, then you need to make the right choice and stick with them.

Employees are eligible to avail of FSA if they do not have an HSA. But, employees who already have an HSA can be given an option to avail of a limited purpose FSA. This type of account may not offer a more comprehensive coverage but is designed to cover out of pocket dental and vision expenses that are eligible. Having the right medical insurance will surely help anyone in the long run considering that healthcare services can be very costly.