Each spending account helps you save in a different way. Ask your employer about what kinds of spending accounts are available to you and keep exploring to learn more about each one.
Most spending accounts let you set aside pre-tax money to pay for health and child-care and even commuter expenses. This lowers your total income, so you also pay less income tax.
Learn how to best plan for unexpected out-of-pocket costs, like deductibles, copays, coinsurance and prescriptions.
WATCH VIDEO
See disclaimer below1
Knowing what features of a plan matter most to you can mean the difference between picking a plan you love and one you can barely live with.
WATCH VIDEO
See disclaimer below1
Understand how your overall health care finances play an important role in achieving your overall financial wellness.
WATCH VIDEO
See disclaimer below1
Each spending account helps you save in a different way. Ask your employer about what kinds of spending accounts are available to you and keep exploring to learn more about each one.
Each spending account helps you save in a different way. Ask your employer about what kinds of spending accounts are available to you and keep exploring to learn more about each one.
HSA |
HRA |
FSA |
|
|---|---|---|---|
|
Pay for deductibles/copays/coinsurance |
Yes |
Yes |
Yes |
|
Pay for dental/vision/prescription expenses |
Yes |
Yes |
Yes |
|
Pay for dependent care |
No |
No |
Yes |
|
Account owned by |
You |
Employer |
Employer |
|
Invest money for future expenses |
Yes |
No |
No |
|
Funded by |
You2 |
Employer |
You2 |
|
You are required to have a Qualified High-Deductible Health Plan |
Yes |
No |
No |
|
Money is transferable if you change jobs/change plans/retire |
Yes |
No |
No |
|
Can reduce your taxable income |
Yes |
No |
Yes |
|
Debit card available |
Yes |
Yes |
Yes |
Most spending accounts let you choose how much money you want to set aside for health care, childcare, and even commuter expenses. Then, that money can be taken out of your paycheck before taxes. This lowers your total income, so you pay less income tax.
WATCH VIDEO
See disclaimer below1
1By accessing this video, I understand that I am leaving the Highmark website and I will be re-directed to an external website operated by a third-party platform provider. I acknowledge that the platform provider may collect personal information about me, and about the video that I view, on their platform and may use and disclose this information in accordance with its privacy policy. I agree that Highmark is not responsible for the data collection and use practices of this third party.
2In some cases, your employer may contribute. The IRS sets different limits on contributions to HSAs and FSAs.
