Health Savings Account (HSA)
If you’re enrolled in an HSA-compatible health insurance plan (HDHP) you may be able to contribute to your HSA. HSA funds can be used to pay for HDHP out of pocket costs, including deductibles, prescription drugs, co pays, and other expenses such as dental or vision. An HSA is often described as a ‘medical IRA’ but in truth it’s an amazing opportunity to get a triple tax advantage: Tax free contributions, Tax free growth, and tax free withdrawals. Your HSA contributions can be done pre tax through payroll, or you may also take an ‘above the line’ tax deduction through April 15th yearly. If you’re enrolled through your employer-plan with PayPro Accounts, we will aid In the set up of your account, make deposits based on you and/or your employer contributions, and you’ll also have access to your HSA using the PayPro Benefit Card, and the mobile and web portals.
Health Care Flexible Spending Account (FSA)
A health care FSA is a pre-tax benefit that allows you to set aside monies (tax free!) to help pay for out of pocket medical, dental, and vision expenses that you and your family may have. Typical expenses include prescription drugs, co-payments, deductibles, chiropractic care, glasses or contact lenses and more. Click here for a list of commonly eligible health care FSA expenses. You may include expenses for your dependent family members, even if they are on a health insurance plan outside of your employer. If you participate in the Health Care FSA, or HCFSA, you can use your PayPro Benefits Card to pay for those expenses. You may also pay out of pocket and submit a claim form to be reimbursed.
Health Reimbursement Arrangement (HRA)
An HRA is an employer-funded account that is typically designed to complement your group insurance coverage, help to pay for deductibles or out of pocket expenses, or can even be designed to reimburse for specific expenses only, such as dental, vision, or even a deductible. There are many types of HRA plans, and they are specifically designed for a specific employer – but if you’ve got an HRA, you can also use your PayPro Benefits Card to access funds to pay a provider, an expense, or you may also pay out of pocket and we will reimburse you if you submit a claim form (HRA Claim Form).
Dependent Care Flexible Spending
If you’re like many working American, you may be paying someone to care for your loved ones so you can work. A DCFSA is a plan that allows you to pre tax the costs for child or elder care eligible expenses, including day care, pre-school, before & after school care, summer day camp and more. The savings under the DCFSA average 30% on every dollar you pre tax. Amounts you elect can be paid using the PayPro Benefits Card or you may submit a claim and be reimbursed using our mobile app or Participant Account Portal.
Qualified Transportation and Parking (QTAP) Accounts
If you take public transportation to work, or pay for parking – this plan is a great way to save money. QTAP Accounts are divided into Transportation and Parking Accounts. Whether you take the train, metrolink, bus, share in a qualified vanpool or commute to work using UberPool – the expense you pay may be reimbursable under the Transportation Account. Further, if you pay to park at your place of employment, or a parking lot you use when you’re taking the metro or bus, etc, you can also be reimbursed under the Parking Account. QTAP Accounts can be paid using the PayPro Benefits Card or you may submit a claim and be reimbursed using our mobile app or through the Participant Account Portal.