Table with glasses and medial equipement

HRA Vs. HSA

Quick Stats

Provider

Blue Cross and Blue Shield of Nebraska
Group #: 101498
NEtwork BLUE Network
Pharmacy Network: Network C
Drug List: PDL 10 (Formerly "BCBSNE Standard Formulary")
1-888-592-8961

Tools

BCBSNE Tools and Resources

  • Find a Doctor
  • Rx Benefits
  • Cost Estimator
  • Telehealth

Go Mobile

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Which one is right for you? The answer depends on your needs.

One of the most important differences between the two health insurance options is that WoodmenLife owns the HRA and you own the HSA. This means you take the HSA when you change jobs. If you have an HRA and change jobs, any remaining amount in an HRA defaults to WoodmenLife.

Additionally, an HSA is a tax-advantaged account that can be used to pay for IRS-defined health care expenses, including long-term care and COBRA premiums.

However, there are many factors to consider. Please consult the chart below to make the best decision for
you and your family.

  HSA
View Details
HRA
View Details
Definition Health Savings Account Health Reimbursement Account
Deductibles $1,500 Associate Only
$3,000 Associate Plus
$2,000 Associate Only
$4,000 Associate Plus
Coinsurance 25% of cost (After Deductible is Met) 30% of cost (After Deductible is Met)
Out-of-pocket Maximum $3,000 Associate Only
$6,000 Associate Plus
$4,500 Associate Only
$9,000 Associate Plus
Annual Contribution by WoodmenLife $500 Associate Only
$1,000 Associate Plus
$1,000 Associate Only
$2,000 Associate Plus
May I contribute additional funds? Yes, contributions can be made on a pre-tax basis up to the annual maximum. Contributions can be changed throughout the year. No
What is the most I can contribute per year? For 2019, $3,500 Associate Only, $7,000 Associate Plus. For 2020, $3,550 Associate Only, $7,100 Associate Plus. $1,000 additional for age 55 or older.   N/A
When are funds available? Funds are available as they are added to the account Full fund allocation for the year is available as early as Jan. 1
How do I access funds in my account? Funds are accessed via debit card, request for reimbursement or request to have payment sent Requests reimbursement from account
What can account funds be used for? Can be used for medical, dental, vision and federally-approved over-the-counter items. Can be used for second half of medical deductible expenses
What happens to remaining funds at the end of the year? 100% available the following year 50% rollover available if enrolled in the Select HRA the following year
What am I financially responsible for?
  • Full out-of-pocket payment on all services and prescriptions until deductible is met, then coinsurance until out-of-pocket maximum is met
  • No payments after reaching annual out-of-pocket maximum
  • Co-pays for doctors visits, prescriptions, urgent care, and emergency room visists
  • Full out-of-pocket payment on hospital stays, outpatient procedures, labs, X-rays until deductible is met, then coinsurance until out-of-pocket maximum is met
  • No payments after reaching annual out-of-pocket maximum

Check out more details of each account.

HRA Details

HSA Details

 

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The information on this page is a partial description of benefits, limitations, exclusions, and other provisions of the group benefits provided by Woodmen of the World Life Insurance Society (WoodmenLife). If there is a difference between the information in this summary and the plan document for each plan, the plan documents govern. Eligibility requirements apply to each of the benefits offered, criteria may include employment status and/or individual qualifications. For more detailed information, refer to the Summary Plan Description of each plan. WoodmenLife may amend these plans at any time. The description of the plan is not a guarantee of benefits and should not be construed as such.

This is the Life is a registered service mark of Woodmen of the World Life Insurance Society.