HRA vs. HSA Calculator

Oct 29th, 2019

One key decision for Lilly employees during open enrollment is what health insurance plan you will use next year.

You can choose from the HRA (Health Reimbursement Account) or the HSA (Health Savings Account). These two plans are very much the same in what they cover. The differences are in the premium, deductibles and out-of-pocket maximums.

It can be difficult to know what to choose, especially when you’re busy and don’t have time to run through all the details. We created the HRA vs. HSA Calculator to help you look at different scenarios for you and your family and help inform your decision-making. It can help you determine what your costs would be under each plan based on the medical expenses you experience during the year. It will also show what your income tax savings could be from contributions to an HSA as well as what those annual contributions could grow to be worth in the future if left in the HSA.

Here are some key facts about the HSA:

• You can invest the money in the HSA. It doesn’t have to just sit in the savings account.

• It’s triple tax-free. You do not pay tax on the money you put into your HSA. Your account balance grows without tax and withdrawals for qualified medical expenses are tax-free.

• Money in the HSA is always yours. Unlike the Flexible Spending Account, you don’t lose it if you don’t use it by the end of the year. Unlike the HRA, you don’t lose it if you leave Lilly.

If you have money in the HRA and switch to the HSA, you can still use your HRA money to pay for expenses after you meet your HSA deductible.

You can access it here.

We hope you find the calculator helpful. If you have any questions, please contact us.

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