Flexibility and Control
Health Savings Accounts (HSAs), Health Reimbursement Arrangements (HRAs) and Flexible Spending Accounts (FSAs) are very similar. All three help offset out-of-pocket medical expenses and can be coordinated with High Deductible Health Plans (HDHP).
One main difference between the three account types is their design options. HSAs offer a very straightforward plan design set by the IRS (indexed annually) while HRAs and FSAs allow the Employer flexibility in plan design. This HSA, HRA, FSA comparison chart lists the basic design options among the three account types. If your benefit goals require more control than an HSA plan allows, an HRA or FSA plan might be a better fit for your company.