Shop Spending Accounts

Find Information about HSAs, FSAs, and HRAs  

MVP offers three spending account options that can be offered alongside health plans to give your employees the opportunity to save on qualified expenses. Learn the basics of each account including eligibility, tax benefits, and more. 

 

Health Savings Accounts (HSA) 

HSAs are personal, interest-bearing savings accounts that cover out-of-pocket medical, dental, and vision costs. Funds rollover from year to year and they are completely portable. Plus, contributions are tax-deductible, assets grow tax-free, and funds are not taxed when used for qualified medical expenses. 

 

Flexible Spending Accounts (FSA) 

FSAs integrate seamlessly with MVP’s health plans, making administration simpler for you and your employees. MVP offers four types of FSAs: 

  • Medical FSA: Uses pre-tax dollars to cover qualified out-of-pocket medical expenses. 
  • Limited Purpose FSA: Uses pre-tax dollars to cover qualified out-of-pocket dental and vision expenses. This type of account is typically paired with an HSA. 
  • Dependent Care FSA: Uses pre-tax dollars to cover daycare expenses. 
  • Parking and Transit FSA: Uses pre-tax dollars to cover work-related parking/transit expenses.

 

Health Reimbursement Arrangements (HRA) 

HRAs are employer-owned and funded accounts that reimburse employees for qualified out-of-pocket medical expenses. MVP’s HRA offering can be setup three different ways: 

  • Member First: Pair with a health plan that has a member cost responsibility, which must be met before the HRA can be used. 
  • Employer First: HRA pays first dollar. Member may or may not have a responsibility after HRA funds are exhausted. 
  • Comprehensive: Can be structured with a member cost share as a percentage of each claim. 

 
MVP also offers a Retiree HRA to help retired employees pay for plan-eligible medical expenses during retirement and a Wellness HRA to reward your employees for making healthy choices. Both HRAs can be customized to fit your needs. 


Spending Account Options at a Glance 

Spending Account Comparison Table 

 

 

   Health Savings Account (HSA)   Health Reimbursement Arrangement (HRA)   Flexible Spending Account (FSA) 
Eligibility   Individual must be enrolled in a qualified high-deductible health plan   Employer can purchase an HRA and offer it to employees; individuals cannot purchase an HRA   Employer can purchase an FSA and offer it to employees; individuals cannot purchase an FSA 
Funding   Individual and/or employer   Employer only   Individual and/or employer 
Tax Benefits   Funds can be deducted from a paycheck pre-tax and they are not taxed if used for qualified medical expenses   Funds will not be taxed if used for qualified items   Funds can be deducted from a paycheck pre-tax and they are not taxed if used for qualified expenses 
Ownership   The funds belong to the individual permanently. If employment is terminated, the individual keeps the funds   The individual does not own the funds. If employment is terminated, the individual loses their funds   The individual does not own the funds. If employment is terminated, the individual loses their funds 
 Rollover Funds (Year to Year)   All funds rollover   Optional (determined by employer) 

 Depends on FSA type 

  • Medical/Limited Purpose: Up to $550, 77-day grace period, or neither 
  • Dependent Care/Parking & Transit: No rollover option 
 Plan Compatibility   Qualified high-deductible health plans   Any plan   Any plan 
 Qualified Expenses   All IRS-qualified medical expenses   Determined by employer (refer to IRS-qualified medical expenses) 
  •  Medical: All IRS-qualified medical expenses 
  • Limited Purpose: Qualified dental and vision expenses 
  • Dependent Care: Child or adult day care expenses 
  • Parking & Transit: Work-related parking and transit expenses. 

 

2022 and 2023 Spending Account Fees

HSA Fees

 

 Employer Group-Sponsored Plan Administrative Fees*   NY & VT Small Group   NY Large Group  VT Large Group  
 Administration Fee   $2.50 PCPM   $4 PCPM   $3 PCPM 
 Implementation Fee   $250   $350   
 SMM/SPD Fee   $75   $100   
 Renewal Fee  No charge; $500 late renewal fee 
 Changes/Customized Programming/Corrections/Audit Requests   $100 per hour 
 Non-Discrimination Testing, available upon request   $350 per test 
 Debit Card Replacement Card   No charge 
 Dependent Debit Card (Dependents age 18 and over)   No charge 


*The COBRA implementation fee will be waived if another MVP diversified service (i.e. HSA, HRA, or FSA) has been purchased.