Page 8 - 2015 Enrollment Guide
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HRA/HSA/FSA Comparison Chart
HRA/HSA/FSA Comparison Chart
To help you understand the differences between our Health Reimbursement Arrangement (HRA), Health Savings Account (HSA),
and Health Care Flexible Spending Account (FSA), please review the chart below.
HEALTH CARE FLEXIBLE
PLAN FEATURE HEALTH REIMBURSEMENT HEALTH SAVINGS ACCOUNT SPENDING ACCOUNT (FSA)
ARRANGEMENT (HRA)
(HSA)
Associates enrolled in the Cigna
Choice Fund Open Access Plus HSA Full-time associates who have
Associates enrolled in the Cigna Plan who are under age 65, not completed the waiting period for
Who is eligible? Choice Fund Open Access Plus HRA covered under another health plan benefit eligibility and are NOT
Plan. or Health Care FSA, and not claimed enrolled in the Cigna Choice Fund
as a dependent on another person’s Open Access Plus HSA Plan.
tax return.
Who owns the account? Post You Post
Who administers the account? Cigna JPMorgan Chase Bank* PayFlex
Who can contribute to the account? Post You and Post You
Post will contribute up to:
$250 for individual coverage
$500 for family coverage
Post will contribute up to:
You can contribute up to:
How much can be contributed to the $250 for individual coverage $3,100 for individual coverage You can contribute up to:
account in 2015? $500 for family coverage $6,150 for family coverage $2,500
In addition, if you are age 55-65,
you can contribute up to:
$1,000 (Catch-Up Contribution)
Are mid-year changes to contributions N/A (only Post contributes to this Yes, at least monthly No, unless you have a
allowed? account) qualified life event.
When are the funds available? January 1 or your effective date As they are deposited from January 1 or your effective date
your payroll deduction.
in the plan.
in the plan.
As medical claims are incurred, You can access your funds by HSA You can access your funds by FSA
debit card, online bill pay, HSA
Cigna uses the fund to pay
How are the funds used? expenses applied toward your checkbook, and medical auto claim debit card or submitting a claim for
annual deductible. forwarding through Cigna. reimbursement.
Unused funds are forfeited at the
What happens to funds at the end of Unused funds carry over to the next Unused funds carry over from year end of the Grace Period
the plan year? year, up to the plan’s carry over limit. to year, with no limitations. (March 15th following the
end of the plan year).
No. You have until April 30th of the
Can you take the account with you if No Yes following plan year to submit
you leave Post? claims for expenses incurred prior
to your termination date.
Your payroll contributions and
What are your tax advantages? N/A (only Post contributes to this qualified withdrawals are not taxed Your payroll contributions are
account)
deducted pre-tax.
and, with the ability to invest funds,
your account earns tax-free interest.
*You are not required to set up an account with JPMorgan Chase Bank, but you can only make pre-tax contributions and receive the employer
contribution if you open the HSA with JPMorgan Chase Bank.
For additional information regarding these accounts, visit http://www.irs.gov/pub/irs-pdf/p969.pdf.
For additional information regarding qualified medical expenses, visit http://www.irs.gov/pub/irs-pdf/
p502.pdf
HRA/HSA/FSA Comparison Chart
HRA/HSA/FSA Comparison Chart
To help you understand the differences between our Health Reimbursement Arrangement (HRA), Health Savings Account (HSA),
and Health Care Flexible Spending Account (FSA), please review the chart below.
HEALTH CARE FLEXIBLE
PLAN FEATURE HEALTH REIMBURSEMENT HEALTH SAVINGS ACCOUNT SPENDING ACCOUNT (FSA)
ARRANGEMENT (HRA)
(HSA)
Associates enrolled in the Cigna
Choice Fund Open Access Plus HSA Full-time associates who have
Associates enrolled in the Cigna Plan who are under age 65, not completed the waiting period for
Who is eligible? Choice Fund Open Access Plus HRA covered under another health plan benefit eligibility and are NOT
Plan. or Health Care FSA, and not claimed enrolled in the Cigna Choice Fund
as a dependent on another person’s Open Access Plus HSA Plan.
tax return.
Who owns the account? Post You Post
Who administers the account? Cigna JPMorgan Chase Bank* PayFlex
Who can contribute to the account? Post You and Post You
Post will contribute up to:
$250 for individual coverage
$500 for family coverage
Post will contribute up to:
You can contribute up to:
How much can be contributed to the $250 for individual coverage $3,100 for individual coverage You can contribute up to:
account in 2015? $500 for family coverage $6,150 for family coverage $2,500
In addition, if you are age 55-65,
you can contribute up to:
$1,000 (Catch-Up Contribution)
Are mid-year changes to contributions N/A (only Post contributes to this Yes, at least monthly No, unless you have a
allowed? account) qualified life event.
When are the funds available? January 1 or your effective date As they are deposited from January 1 or your effective date
your payroll deduction.
in the plan.
in the plan.
As medical claims are incurred, You can access your funds by HSA You can access your funds by FSA
debit card, online bill pay, HSA
Cigna uses the fund to pay
How are the funds used? expenses applied toward your checkbook, and medical auto claim debit card or submitting a claim for
annual deductible. forwarding through Cigna. reimbursement.
Unused funds are forfeited at the
What happens to funds at the end of Unused funds carry over to the next Unused funds carry over from year end of the Grace Period
the plan year? year, up to the plan’s carry over limit. to year, with no limitations. (March 15th following the
end of the plan year).
No. You have until April 30th of the
Can you take the account with you if No Yes following plan year to submit
you leave Post? claims for expenses incurred prior
to your termination date.
Your payroll contributions and
What are your tax advantages? N/A (only Post contributes to this qualified withdrawals are not taxed Your payroll contributions are
account)
deducted pre-tax.
and, with the ability to invest funds,
your account earns tax-free interest.
*You are not required to set up an account with JPMorgan Chase Bank, but you can only make pre-tax contributions and receive the employer
contribution if you open the HSA with JPMorgan Chase Bank.
For additional information regarding these accounts, visit http://www.irs.gov/pub/irs-pdf/p969.pdf.
For additional information regarding qualified medical expenses, visit http://www.irs.gov/pub/irs-pdf/
p502.pdf
