Postal Service employees who want to save money for future medical expenses have several options during this year’s open season, which runs from Nov. 11-Dec. 9.
If you enroll in a high-deductible health plan (HDHP), you may be eligible to contribute to a health savings account (HSA).
An HSA allows you to pay for current medical expenses and save for future expenses on a tax deductible or pretax basis. An HSA is yours to keep — even if you change health plans or leave the Postal Service.
Additionally, some plans offer health reimbursement arrangements (HRAs), which are funds you can use to help cover out-of-pocket medical expenses. HRAs are generally available to employees who enroll in a consumer-driven health plan (CDHP).
If an HDHP or CDHP doesn’t meet your needs, you can sign up for a flexible spending account (FSA), which allows you to set aside money on a pretax basis to pay for health and dependent care expenses.