Health Spending Accounts

Health spending accounts give you and your employees the power to control how health care dollars are spent.

You don't want to burden your employees with high health insurance costs. But your budget says you can't give them the level of cost-sharing you'd like.

Health insurance plans that pair with a health spending account are a smart solution. They're part of what's called consumer-directed health care. "Consumer-directed” means you manage more of the money you spend—and save—on medical expenses. Give employees their own budget for health care and they're likely to use it more frugally.

It's like going out to dinner at a nice restaurant. When the company is picking up the tab, you might order off the menu a little differently than if you're paying out of your own pocket.

How it works

Consumer-directed health plans keep benefits up and costs down. Some can be used just for dental and vision expenses. And you can save more than $1,500 per employee each year compared to traditional plans.

There are three different kinds of accounts: a health savings account (HSA), a health reimbursement account (HRA) and a flexible savings account (FSA).

What do they have in common? You don't pay taxes on money deposited in these accounts. When money is withdrawn to pay qualified medical expenses, it's either tax-free or tax-deductible.

What makes them different? The kind of insurance plan they work with, who owns the account and who can put money into it.

To learn more about health spending accounts, see "How to choose an HSA, HRA or FSA for your employees." Interested in a group health insurance plan that pairs with a health spending account? Contact us.

Plans that pair with an HSA

 

Plans that pair with an HRA

Plans that pair with an FSA

You can pair most of our employer-sponsored health plans with a flexible spending account.


Health spending accounts made easy

You provide the health plan; we'll provide the support for health spending accounts with Healthy BlueSM HSA, Healthy BlueSM HRA and Healthy BlueSM FSA. Some of the benefits include:

  • We partner with experienced companies that handle all the account administration, so you don't have to.
  • Employees may receive a debit card to pay for medical expenses.
  • They can see all their account information online in one place.
  • Funds are held in secure FDIC-insured banks.

Contact us to learn more.

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