Setting up an HSA, via a FSA Plan.

J.R.

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Texas
The upcoming qustion pertains to an individual in CT.

Jane (fake name) works for a hospital up in CT and can elect to fund a FSA through her employer. I looked over the SPD and it is unclear to me exactly what type of group plan they have because the literature mentions a Medical Reimbursement Savings Account (I imagine this is a HRA) and a Flexible Savings Account (FSA).

The SPD stipulates that they offer a HRA combined with a FSA, w/ a "use it or lose it" stipulation. As an employee, if I knew how much money I was going to use in the upcoming year and funded the FSA the use or lose it wouldn't really matter. However, funding a FSA and losing that money, which I assume goes to the employer is not entirely smart.

Can a individual set up an HSA via the money used to fund the FSA or HRA and have the employer contribute as well? If so, how does a person go about doing that?

Your thoughts are greatly appreciated.
 

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