Flexible Spending Account (FSA)
The Flexible Spending Account (FSA)is designed to cover specific out-of-pocket health and dependent care expenses you anticipate during the course of the Plan Year. The FSA allows you to use pretax dollars to pay for health expenses not covered by insurance. Expenses payable through the FSA include charges for contact lenses, eyeglasses, dental expenses, plus any deductibles and co-payments. In fact, any medical, dental, hearing or vision expenses that would otherwise qualify as a deduction on your income tax return will qualify for reimbursement as long as the expense is not paid by another benefit plan. You may also pay for dependent care expenses.
Health Reimbursement Account (HRA)
A Health Reimbursement Account (HRA) is a health care plan paid for by an employer to reimburse the medical expenses of its employees. Visit your MyEconnect portal for more information.