Health Spending Accounts
Are you looking for a way to give your employees more say over how their health care dollars are spent and save your company money, too?
Health spending accounts, also called consumer-directed health care plans, from Blue Cross Blue Shield of Michigan and Blue Care Network could be the right choice for your business.
Here’s how it works. A health spending account, like a health savings account (HSA), health reimbursement arrangement (HRA) or flexible spending account (FSA), is paired with a qualifying Blues health plan. Your employees can then use money in the accounts to pay for qualified medical expenses.
- Wondering which one to choose? See "How to choose an HSA, HRA or FSA for your employees."
Employees will also find it convenient to access all of their account information, including balances, recent activity, coverage information, deposits, withdrawals and eligibility from one online site.
Plans that pair with health spending accounts have advantages for businesses like yours, including:
- Saving your company money with lower premiums and improved attendance, productivity and work quality from healthier employees
- Tax advantages from savings account options
- Engaged employees with a financial incentive to become aware of the actual costs of care and to explore less costly alternatives
Here are the health spending accounts we offer and the health insurance plans they pair with:
|Health Spending Account||Required health plan|
|Healthy Blue HSASM Health savings account||Simply Blue HSASM|
|Blue Care Network HMO HSASM Health savings account||Blue Care Network HMO HSA|
|Healthy Blue HRASM Health reimbursement arrangement||Simply Blue HRASM or Healthy Blue HMO HRASM
|Healthy Blue FSASM Flexible spending account||Simply BlueSM or Simply Blue HRA
All of our health spending account plans let you choose the options that best meet your business needs. If you’d like to learn more about those options, contact one of our regional sales offices.