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Funding Accounts

Help employees save for health care expenses

CDPHP has expanded our relationship with HealthEquity – our preferred Health Savings Account (HSA) partner – to include the administration of Flexible Spending Accounts (FSAs), Dependent Care FSAs, Limited Purpose Health FSAs, and Health Reimbursement Arrangements (HRAs) for plans with a January 1, 2022 start date or later.

Your employees have more control of their health care dollars when you combine a funding account with a high- quality plan from CDPHP. You can contribute to their health funding accounts, which helps them pay for:

  • Copays

  • Dental care

  • Prescriptions

  • Other medical expenses

Funding account options

HSA (Health Savings Account)

An HSA is also funded by employees and/or employers on a pre-tax basis. HSA funds can be rolled over year after year and go with the employee when leaving employment. After age 65, the funds can be used for non-medical expenses.

FSA (Flexible Spending Account)

An FSA is funded by employees and/or employers and allows individuals to put money aside from their paycheck, on a pre-tax basis, to be spent on their health and/or dependent care expenses.

HRA (Health Reimbursement Arrangement)

An HRA is funded by the employer and reimburses employees for qualified medical expenses determined by the employer. This can serve to fund the gap between your employees’ out-of-pocket health care expenses and their insurance coverage.

The advantages of a HealthyEquity funding account include:

  • A single platform for all account types that puts everything you need in one place

  • Powerful integration to ensure members enjoy a faster, smoother administrative experience

  • An experienced HSA and consumer directed benefits administrator, US-based member support available 24/7/365, specialized support teams for employers and brokers

  • A designated onboarding team member, flexible payment options: debit cards, online bill-pay to providers, reimbursements, and automatic provider/member reimbursement based on CDPHP data

  • Preferred pricing

  • Enhanced reporting

  • A library of engagement and education materials

The unique relationship between CDPHP and HealthEquity allows for true data integration. Unlike most other health account administrators who claim to have “integration,” our solution with HealthEquity is complete. Our proprietary technology allows claims, eligibility, and other data to be imported directly into an accommodating system. This results in a smooth experience with less paperwork and more powerful tools.

Learn more at HealthEquity

Use the resources below to learn about each type of funding account and how each can be used to help reduce the costs of your medical expenses.

Health Reimbursement
Arrangement (HRA)

Health Savings Account 
(HSA)

Flexible Spending Account 
(FSA)

Account Holder

Employer

Individual (Employee)

Employer

Eligibility

Individual must work for an employer that offers one

Individual must be enrolled in an HSA-qualified medical plan

Individual must work for an employer that offers one

Funding

Employer only

Individual and/or employer and certain others

Individual and/or employer

Portability

Cannot be rolled over to a new employer

The employee takes it when leaving employment; after age 65, funds may be used for non-medical expenses

Cannot be rolled over to a new employer

Fund Carryover from Year to Year

Optional (determined by employer)

Funds carry over year to year

Health FSA: Optional (employers choose a 77-day grace period, a $500 carryover, or neither)

Dependent Care FSA: Funds are forfeited to employer if they are not used by the end of the plan year after a run-out period or grace period, if applicable

CDPHP Plan Compatibility

EPO, PPO, HMO, HDEPO, HDPPO, HDHMO

Qualified HDEPO, HDPPO, HDHMO

EPO, PPO, HMO, HDEPO, HDPPO, HDHMO

Qualified Expenses

Determined by employer; can include copayments, deductibles, vision care, dental care, prescriptions, and other IRS-qualified medical expenses

All IRS-qualified medical expenses

Health FSA: All IRS-qualified medical expenses, or defined, limited expenses such as dental and vision care

Dependent Care FSA: Child or adult day care