What are the differences between an HRA and HSA medical insurance plan?

Question

Thank you!

In: Other

Answer 1

They’re basically savings accounts that money is deposited into that are often offered as employee benefits by a company, with the key difference being who actually owns the accounts. An HSA is owned by the employee, but an HRA is owned by the employer. This means that if the employee leaves the company for whatever reason, they lose the money that is deposited in the HRA while on the other hand they keep the money in an HSA.