Can You Have Both an HSA and an HRA? Exploring the Possibilities

Health Savings Accounts (HSAs) and Health Reimbursement Arrangements (HRAs) are both valuable tools that can help you save on healthcare costs, but can you have both at the same time?

The short answer is yes, you can have both an HSA and an HRA, but there are certain restrictions and guidelines to keep in mind.

Here are some key points to consider:

• Both HSA and HRA can be offered by your employer, but not all employers provide both options.
• If you have both accounts, you can use the funds from each to cover eligible medical expenses.
• There are limits to how much you can contribute to each account per year, so make sure to stay within the allowed limits.
• Having both an HSA and an HRA can provide extra flexibility and coverage for your healthcare needs.

It's important to understand the rules and regulations regarding both accounts to ensure you are maximizing their benefits while staying compliant.

Health Savings Accounts (HSAs) and Health Reimbursement Arrangements (HRAs) can work hand in hand to give you a leg up on managing healthcare expenses, and yes, you truly can have both!