The Vision Council Just updated their members on the Patient Protection and Affordable Care Act (PPACA) that Congress passed in 2010. They have recently conducted extensive research regarding consumers who purchase their eye care through some type of insurance or vision plan provider and who specifically use a tax deferred flex spending benefit plan.
In order to provide you with a better understanding of what is and what is not covered for reimbursement, they have prepared a document that outlines the basics of the different tax deferred flex spending benefit plans that are currently being offered.
View the complete in-depth report here or visit the condensed summary of differentiators below.
Flexible Spending Arrangement
A Flexible Spending Account (FSA), also known as a Flexible Spending Arrangement, is one of a number of tax-advantaged financial accounts that can be set up through a cafeteria plan of an employer.
An FSA allows an employee to set aside a portion of earnings to pay for qualified expenses as established in the cafeteria plan, most commonly for medical expenses.
Health Reimbursement Arrangement
Health Reimbursement Accounts or Health Reimbursement Arrangements (HRAs) are Internal Revenue Service (IRS)-sanctioned programs that allow an employer to set aside funds to reimburse medical expenses paid by participating employees. These may be offered in conjunction with other employer-provided health benefits.
Health Savings Account
A Health Savings Account (HSA) is a tax-advantaged medical savings account available to taxpayers who are enrolled in a high-deductible health plan.
Summary of Differentiators At-a-Glance