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Product Overview

 

Consumer-Directed Healthcare (CDH) accounts allow pre-tax money to be set aside for eligible expenses that might not be fully covered under traditional health plans. However, the benefits don't stop there. Accounts also exist that facilitate tax savings for recurring expenses, such as dependent care and transit.

Basic Types of Consumer-Directed Healthcare (CDH) Accounts

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Health Savings Account (HSA)

A HSA is a unique, tax-advantaged account that can be used to pay for current or future healthcare expenses. When combined with a high-deductible health plan, it offers savings and tax advantages that a traditional health plan can't duplicate.

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Dependent Care Flexible Spending Account (DC-FSA)

A DC-FSA covers qualified daycare expenses for children younger than age 13 and adult dependents who are incapable of caring for themselves. A DC-FSA provides tax savings because employees don't pay federal or FICA taxes on the money they put into their account, and many state taxes are also exempt. With a DC-FSA, pre-tax funds are deducted from each paycheck and automatically deposited into the employee's account.

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Healthcare Flexible Spending Account (HC-FSA)

A HC-FSA is an employer-sponsored account letting employees set aside pre-tax dollars to pay for eligible healthcare expenses. It's a smart way to save and pay for eligible healthcare expenses, because employees don't have to pay federal or FICA taxes on the money they put into their account, and many state taxes are also exempt. With a HC-FSA, pre-tax funds are deducted from each paycheck and automatically deposited into the employee's account.

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Health Reimbursement Arrangement (HRA)

HRAs are a way for employers to help offset their employees’ healthcare expenses, while gaining tax advantages. Employees are given money from their employer to spend on out-of-pocket medical expenses. All employer contributions to HRAs that meet with IRS rules are 100% tax deductible to the employer and tax-free to the employee.

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