Typically an HSA only allows a Federal deduction, however in some states you can deduct the state tax. The HRA is a business expense which allows for a deduction from Federal, State, and FiCA taxes.

You can have both types of accounts, but only under certain circumstances. General Health Reimbursement Arrangements (HRAs) will probably make you ineligible for an HSA. If your employer offers a “limited purpose” (limited to dental, vision or preventive care) or “post-deductible” (pay for medical expenses after the plan deductible is met) HRA, then you can still be eligible for an HSA.

You cannot have an HSA if your spouse’s FSA or HRA can pay for any of your medical expenses before your HDHP deductible is met.

HSA is a special tax advantaged account – where money goes in tax free, earns interest tax free and is not taxed when it is withdrawn to pay for qualified expenses. Lubrizol makes a tax free contribution to your HSA each January 1. You can also make contributions to your account. At the end of the year, any money remaining in your HSA rolls over to the next year. You own your HSA so you keep the funds even if you change jobs or health plans.

According to IRS Rev Ruling 2004-45 an HSA can only be used with a Limited Purpose HRA, which reimburses for permitted insurance, vision, dental, and preventive care.

Don't sue us! Fractured Atlas is not an insurance company. We're also not lawyers, brokers, agents, doctors, or anyone else qualified to give professional advice. We try our best to be helpful, but take anything written here with a handful of salt.

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A Health Savings Account (HSA) is an investment account from which you can draw money tax-free for medical care. HSAs are owned by the individual and grow through investments, similar to an IRA. HSAs have favorable tax treatment for contributions, distributions and earnings. They are available to individuals covered by a high deductible health plan (HDHP) and can be established to pay for family medical expenses.

A tax-deferred savings plan allows employees to save for their own retirement with pre-tax contributions. This program is sometimes referred to as the "Cash Match" plan because UVA will match 50% of what an eligible employee contributes up to a ceiling of $40 per month. The cash match ceiling for Medical Center employees hired after September 1 of 2002 is 2% of creditable compensation.

A Health Savings Account (HSA) is a savings account specifically set up to allow individuals to pay for qualified medical expenses. MoleMapCD is recognized by the American Medical Association under CPT code 96904 and can be paid for using an HSA.

Health Savings Accounts (H.S.A.s) were designed to give individuals tax advantages to offset healthcare costs.