What is an HRA?
An HRA is a Health Reimbursement Arrangement (sometimes called a Health Reimbursement Account), a fund available to you to use in conjunction with your health insurance plan. It can be used to pay certain out-of-pocket expenses such as deductible or co-insurance expenses. Specific coverage details are outlined in the Funding Sheet you received with your Enrollment Form.
Your easy-to-use Choice Care Card™ debit card enables you to access funds from the HRA. Whenever you receive service or need to pay a bill from your provider for an eligible expense, simply use your Choice Care Card™.
If you have specific questions regarding your Choice Care card plan, contact us either by phone, fax, email or mail. Contact us today!
What is an FSA?
An FSA is a Flexible Spending Account, a benefit plan that enables you to set aside a portion of your paycheck – on a pre-tax basis – to pay for out-of-pocket health, dental and vision expenses, prescriptions, and over-the-counter medication.
Given the money most people spend annually on such expenses, a properly funded FSA can result in significant tax savings. Your annual funding limits are outlined in the Funding Sheet you received with your Enrollment Form. As a reminder, when determining the amount to put aside for your “flex plan,” be sure to budget wisely. Any funds unused at year’s end will be forfeited.
If you would like to learn more about how an FSA can save you money and the types of expenses covered, Click Here.
What is a DCAP?
A Dependent Care Assistance Plan (DCAP) is similar to an FSA in that it also allows you to set aside money from your paycheck on a pre-tax basis. Use these funds to pay for eligible day-care expenses for your children or adult dependents. You’re eligible to set aside up to $5000 annually in this plan, which can result in significant tax savings.
Your easy-to-use Choice Care Card™ debit card enables you to access funds from your FSA or DCAP. Whenever you receive service or need to pay a bill from your provider for an eligible expense, simply use your Choice Care Card™.
Would you like to learn more? Contact us today!
