FSA, HSA, HRA…that’s a lot of letters, but what do they really stand for? Each of these options is a great way to save money. They have many differences, but one important thing in common. Each lets you set aside your hard-earned income on a pre-tax basis. Every little bit you set aside in these accounts—like in your 401(k)—means that the income taxes you pay are based on a lower number. Just by utilizing your accounts and lowering your tax base, you’re giving yourself a raise!
Before you skip over these important accounts in your benefits decision-making process, be sure to learn about the short- and long-term benefits each offers you: