What is FSA or HRA?
A Flexible Spending Account (FSA) or Health Reimbursement Arrangement (HRA) a tax-favored program offered by employers that allows their employees to pay for qualified healthcare products and dependent care expenses with pre-tax dollars. An FSA/HRA gives you an immediate discount on these expenses that equals the taxes you would otherwise pay on that money. In other words, when using FSA/HRA, you can both reduce your taxes and get more for your money by saving from 20% to more than 40% you would normally pay for out-of-pocket health care and dependent care expenses with after-tax (as opposed to taxed) dollars. • What items are FSA-approved? New IRS regulations have identified those products which can be purchased using your Flexible Spending Account. Following are certain categories of products that may qualify. Please contact your account administrator to verify which products are eligible through your plan, since program rules and regulations may vary. • Aids to quit smoking • Antibi
