Benefits Explained: What’s the Difference Between Savings and Spending Accounts?[/av_textblock] [av_textblock size='18' font_color='' color='' av-medium-font-size='' av-small-font-size='' av-mini-font-size='' admin_preview_bg=''] Each year when we review our Total Rewards packet, we see numerous references to savings and spending accounts. Health Savings Accounts (HSAs), Healthcare Spending Accounts (HCSAs) and Dependent Care Spending Accounts (DCSAs) are all over our documents and knowing exactly what they are can help us make the best decisions for ourselves and our families when selecting benefits. So today, we are going to take a closer look and answer “What’s the difference?”
Medical-Related Spending Accounts
Understanding Health Savings Account (HSA)s and Healthcare Spending Accounts (HCSAs) can be confusing. In some ways they are similar. They are both tax-free accounts for your healthcare expenses that you deposit money into through payroll deductions. They both can be used for medical purchases that may not covered by your insurance. So what’s the difference between these two? Take a look at the table below to learn more about these two spending accounts.
[/av_textblock] [av_image src='https://bluenationonline.com/wp-content/uploads/2018/01/HSA-chart-1.jpg' attachment='2475' attachment_size='full' align='center' styling='' hover='' link='lightbox' target='' caption='' font_size='' appearance='' overlay_opacity='0.4' overlay_color='#000000' overlay_text_color='#ffffff' animation='no-animation' admin_preview_bg=''][/av_image] [av_textblock size='18' font_color='' color='' av-medium-font-size='' av-small-font-size='' av-mini-font-size='' admin_preview_bg=''] Dependent Care Spending Accounts
You may look at Dependent Care Spending Account and think that it is for the healthcare expenses of your dependents. It’s not. DCSAs allow you to use tax-free dollars to pay for dependent care expenses like nursery school, day care, before and after-school programs. Check your benefits guide to learn more about this spending account.
Understanding the many benefits available to you is critical to making the right decisions for you and your family. Be sure to read through the benefits guide you received in the mail before you make your selections and if you have any questions, contact the Benefits Service Center at 800-811-0689 or visit yourbenefitsresources.com/rsibenefits.
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