Health Spending Accounts
Would you like to have more control over where your health care dollars go and get tax savings, too? Then consumer-directed health care might be for you. “Consumer directed” means you manage more of the money you spend—and save—on medical expenses, using health spending accounts.
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 health insurance plan. The money put into these accounts is used to pay for qualified medical expenses. There are two ways you benefit from this combination.
- You pay less for health insurance. Consumer-directed health insurance plans usually cost less per month than other plans.
- You get a break on taxes. Money that goes into these special accounts is either tax deductible or not taxed at all. Money taken out to pay for medical expenses is tax exempt.
Select a topic below to learn more.
Frequently asked questions
- What is an HSA?
Learn more about health saving accounts, which help you save money on taxes and have more say in what medical expenses you pay for.
- How can I use my HRA?
Learn how a health reimbursement arrangement, or HRA, works and the benefits of having one.
- What are the differences between an HSA, HRA and an FSA?
Understand the differences between a health savings account, a health reimbursement account and a flexible spending account so you can save money on your health care costs.
- How can I use my HSA?
Learn how you can use your health savings account to pay for medical expenses.
- Healthy Blue HSA℠ FAQ
Get answers to questions about our Healthy Blue HSA here.
Calculators and tools
- Health Savings Account Calculators
Want to know if a health savings account is right for you? We have three different tools that can help you decide.