HRA vs HSA – WHAT’s THE DIFFERENCE?
A Health Reimbursement Arrangement, or HRA, is an account that employers use to reimburse employees’ medical expenses, such as deductibles, medical co-pays and eligible medical costs. The HRA funds are available as long as you remain employed by an OGB-participating employer.
A Health Savings Account, or HSA, is an employee-owned account used to pay for qualified medical expenses, including deductibles, medical co-pays, prescriptions and other eligible medical costs. To enroll in an OGB HSA, you must enroll in the Pelican HSA 775. Both employees and employers can contribute to a HSA, but the funds are owned by the employee. The HSA funds are available even if you are no longer employed by an OGB-participating employer.