| Tax-Advantaged Account Options | Health Plan |
|---|---|
| Health Care Flexible Spending Account (HCFSA) | Duke Select Duke Options Duke USA |
| Health Savings Account (HSA) | Duke Advantage |
| Limited Purpose FSA (LPFSA) | Duke Advantage |
HSA vs FSA: What’s the Difference?
| HEALTH SAVINGS ACCOUNT (HSA) An individual tax-advantaged account that you own and that allows you to save what you don’t use for future health care costs | HEALTH CARE REIMBURSEMENT ACCOUNT An account your employer owns that allows you to set aside money you plan to spend, typically within the plan year | |
|---|---|---|
| Will the account help me save on taxes? | Yes. You don’t pay taxes on your contribution or when the account grows. You can also withdraw money tax-free to cover qualified medical expenses. | Yes. You can not only add money as pre-tax payroll deductions, but also withdraw money tax-free to cover qualified medical expenses. |
| How do I know if I am eligible? | You can establish and contribute to an HSA if you meet all the eligibility requirements: · Must be enrolled in an HSA-eligible health plan on the first day of the month · Must not be covered by any other health plan unless that plan is also an HSA-eligible health plan · Must not be enrolled in Medicare · Cannot be claimed as a dependent on someone else’s tax return | If you meet the plan eligibility requirements, you can enroll in a Healthcare Flexible Spending Account. |
| What happens if I have money left over at the end of the year? | The full balance carries over from year to year. | Up to $660 of your unused 2026 Health Care Flexible Spending Account balance can be carried over to the 2027 plan year. Amounts above $660 remaining in your account after December 31, 2026, will be forfeited unless claims are submitted by April 15, 2027, for eligible expenses incurred January 1 – December 31, 2026. |
| What if I change jobs, lose my job, or retire? | Your HSA can move with you. If you lose your job, you can use the money to pay for COBRA premiums (which temporarily extend your employer-sponsored health care coverage). In retirement, you can also use your HSA for general (non-health care) expenses starting at age 65; you just have to pay normal income taxes on the money you withdraw. | The account remains with your former employer when you leave, but you may be able to elect to continue to be enrolled in a Healthcare Flexible Spending Account under COBRA. |
| How can I make my money grow? | Contributions generally go into an interest-earning account, but you may be able to invest all or part of your balance to save for the future. | Reimbursement accounts are not designed to grow as an investment or interest-bearing account. |
