| | Health Savings Account (HSA) | Health Reimbursement Arrangement (HRA) | Flexible Spending Account (FSA) |
| The Basics | A tax-advantaged account used to pay qualified medical expenses of the account holder, spouse, or dependents | An employer-funded arrangement used to reimburse employees for qualified medical expenses | An employer-established, tax-advantaged account funded by employees to pay for qualified medical expenses with tax-free dollars |
| Who can open the account? | The employee or employer as long as the employee is enrolled in an HSA-eligible health plan | The employer | The employer |
| Who can contribute? | Employers, employees or any third party | The employer | The employee |
| Who owns the account? | The employee | The employer | All unspent funds revert back to the employer at year end |
| Is there a yearly contribution limit? | Yes. In 2009, the maximum set by the IRS for an individual is $3,000 and the maximum contribution for family coverage is $5,950. In 2010 the maximum set by the IRS for an individual is $3,050 and the maximum contribution for family coverage is $6,150. The rates are subject to change every year, adjusted for inflation.
| Yes. Determined by the employer | Yes. Determined by the employer |
| Do unused funds carry over to the next year? | Yes | Determined by employer | No |
| Can you take the account with you if you change jobs or retire? | Yes | No | No |
| Can you use the account for retirement income? | Yes. After age 65 you can withdraw money for any reason with no penalty, although it will be taxed as income | No | No |