Plan Comparison
 

HSA
Health  Savings Account

FSA
Flexible Spending Account

HRA
Health Reimbursement Arrangement

MSA
Medical Savings Account

Small Employers Yes Yes Yes 50 or fewer employees
Large Employers Yes Yes Yes No
C-Corp Owners Yes Yes Yes Yes
Self Employed Yes No No Yes
Plan Document No Yes Yes No
Summary Plan Description (SPD) Yes Yes Yes Yes
Special Health Insurance Policy Required Yes No No Yes
Employer Contributions Optional Optional Required Optional
Employee contributions Optional Optional No Optional
Employee Tax Savings Contributions are tax-free Contributions are tax-free Claim reimbursements are tax-free Contributions deductible on IRS Form 1040
Employer Tax Savings Business expense - plus 7.65% of employee contribution Business expense - plus 7.65% of employee contribution Business expense deduction for payments Business expense deduction for contributions
Account Pre-Funded by Employer No Yes No No
Roll Over Dollars to Next Year Yes No Yes Yes
Reimburse IRC Section 213(d) Medical Expenses Not Covered by Any Other Plan Yes Yes Yes Yes
Claims Substantiation Yes, upon audit Yes Yes Yes, upon audit
Debit Card Yes Yes Yes Yes
Insurance Premiums Paid From Account Yes No Yes Yes
Banking IRA type account Employer assets Employer assets IRA type account
Convert Account to Taxable Income Yes No No Yes
Annual IRS-DOL Form 5500 Filing No Yes* Yes* No
COBRA Applies No Yes** Yes** No
HIPAA Certification Rules Apply No Generally, no Yes No
HIPAA Privacy and Security Rules Apply Yes Yes Yes Yes
Account Retained by Employee Upon Termination of Employment Yes No No, but terminated employees may be covered by plan Yes

*

If over 100 participants; Welfare Benefit rules apply.

**

Special rules apply.