Can I have an HSA and an HRA at the same time?

Check eligibility on the go — browse 7,000+ HSA-eligible products in the free app.

Can you hold both HSA and HRA?

As a consumer looking to maximize your healthcare savings, you may wonder if you can have both a Health Savings Account (HSA) and a Health Reimbursement Arrangement (HRA) at the same time. The good news is that yes, you can have both accounts simultaneously, under certain circumstances.

As a savvy consumer looking to maximize your healthcare savings, you might be curious if holding both a Health Savings Account (HSA) and a Health Reimbursement Arrangement (HRA) is possible. The answer is a resounding yes! You can enjoy both benefits at the same time, provided you meet certain conditions.

What HSA and HRA have in common

HSAs and HRAs are both tax-advantaged accounts that allow you to save money for medical expenses. While they share similarities, such as offering pre-tax contributions and covering eligible medical expenses, they also have key differences that set them apart.

Key considerations for using both accounts

Here are some important points to consider when having both an HSA and an HRA:

• Eligibility: To contribute to an HSA, you must be covered by a High Deductible Health Plan (HDHP) and have no other disqualifying coverage, such as an HRA that provides first-dollar coverage before the deductible.
• Contributions: Both you and your employer can contribute to your HSA. However, if your employer contributes to your HRA, you may be subject to limitations on your HSA contributions.
• Withdrawals: You can use funds from both your HSA and HRA to pay for eligible medical expenses but make sure to keep records and receipts to ensure compliance with IRS regulations.

Overall, having both an HSA and an HRA can provide you with additional flexibility and options to cover your healthcare costs. Just be sure to understand the rules and requirements for each account to make the most of the benefits they offer.