HSA vs HRA – which is the better option ?
I am sure that this question has been asked here before and I apologize for asking again. I was wondering if someone could help me with my specific case. My company offers HSA and HRA plans. Thus far, I have been enrolling for the HRA plan but with a baby on the way next year, I am wondering if I should enroll for the HSA for next year. Below are some details:
HSA:
Annual Deductible: $3,200
Company contribution: $1,000
In-network preventive care is covered at 100%—even before you meet the deductible. You pay out of pocket for eligible non-preventive medical care and most prescriptions until you reach the annual deductible. When you reach the annual deductible, the plan begins to pay 80% of eligible in-network expenses and you pay 20%.
In network Out-of-pocket maximum: $7,000 (for family)
Out of network Out of pocket maximum: $14,000 (for family)
Prescription Drug coverage: The annual deductible applies to prescription drugs unless the drug is on the Online Prescription Bypass List. For drugs not on the list, the annual deductible applies.
Drugs on the Bypass List:
Deductible does not apply for drugs on the Bypass List. Retail (30-day supply): You pay 20% (minimum $10, maximum $125). Home Delivery (90-day supply): You pay 15% (minimum $20, maximum $125).
Drugs Not on the Bypass List:
You pay 100% until you meet the annual deductible.
HRA:
Annual Deductible: $2,000
Company contribution: $1,000
Once enrolled, in-network preventive care is covered at 100%— even before you meet the deductible. You pay out of pocket for eligible non-preventive medical care until you reach the annual deductible. When you reach the annual deductible, the plan begins to pay 80% of eligible in-network expenses and you pay 20%, until you reach the out-of-pocket maximum.
In network Out-of-pocket maximum: $12,000 (for family)
Out of network Out of pocket maximum: $24,000 (for family)
Prescription Drug coverage: The annual deductible does not apply to prescription drugs.
Retail (30-day supply): You pay 20% (minimum $10, maximum $125). Home Delivery (90-day supply): You pay 15% (minimum $20, maximum $125)
Any help is greatly appreciated.
submitted by /u/MalayaleeIndian
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