Compare spending account options
| Feature | FSA | HRA | HSA | QTA |
|---|---|---|---|---|
| Overview | An FSA is a prefunded account that allows employees to make pre-tax contributions to pay for qualified healthcare expenses for themselves or eligible spouse/dependents. | An HRA is an account to which employers only can contribute. Employees are reimbursed for qualified medical expenses for themselves or eligible spouse/dependents. | An HSA is a tax-exempt account that can be used to pay for the qualified health care expenses of the employee or eligible spouse/dependents. Available to employees enrolled in a qualified high deductible health plans (QHDHP). | A QTA is an account that allows employees to make pretax contributions to pay for qualified transit and parking expenses related to their commute to work. |
| Who owns the account? | Employer | Employer | Employee | Employer |
| Contributions | Employee and/or employer | Employer only | Employee and/or employer or any other person | Employee |
| Rollover/Carryover | If allowed per plan rules, up to $500 | Yes, If allowed per plan rules | Yes | Determined by employer |
| Tax benefit | Yes | No | Yes | Yes |
| Substantiation required | Required for payment unless auto-substantiated | No | No | No |
| Are accounts portable? | No (COBRA only) | No (COBRA only) | Yes; the account belongs to the employee. | No |
| Can funds be used to pay for long-term care coverage? | No | No | Yes; premiums for qualified long-term care are reimbursable. | No |