New Video and Fliers Explain FSAs, DCAP and HRAs to Employees

If your cooperative will sponsor the 125 Plan or a health reimbursement arrangement plan in 2021, your employees are getting access to valuable benefit plans that can help reduce their health care costs. That’s something they can get excited about.

But navigating the alphabet soup of FSA, DCAP and HRA (flexible spending account, dependent care assistance program and health reimbursement arrangement) can be confusing to many people. What are these plans and how do they work? How are they different from each other? And most importantly, how can they help employees save money?

A new series of fliers and a video that answers those questions is now available on cooperative.com in the BA Guide.

• A short video and the flier What You Need to Know About Your FSA explain the basics of flexible spending accounts.
• Saving for dependent care expenses with DCAP gives an overview of dependent care assistance programs.
• Get to Know Your HRA lists key things to know about health reimbursement arrangements.
• What Your Retiree HRA Can Do for You explains what a retiree HRA is and does.

In addition to these new resources, a few others have been updated, including:

• The 125 Plan Expense Worksheet (which can help employees calculate how much to set aside in their FSAs and/or limited-use FSAs each year)
• Fliers that list many common health care expenses—and whether they’re eligible or not for reimbursement—for FSAs, DCAP, HRA and retiree HRA

You can download and share the fliers with your employees who will be enrolled in any of these CBA-administered plans. Employees can also find these resources on cooperative.com, by going to My Benefits > Education and Resources > Insurance Plan Documents and searching by keyword.