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Health Savings Box

Spend Better and Save More

Spending Accounts allow you to easily plan and manage your everyday expenses for health care, child and elder care or commuter expenses. These accounts can use tax-free funds to help cover these expenses and give you the choice and control for when and how you use your money

Tax Cut

How You Can Save

With most spending accounts, you choose the amount of money you want to contribute. That money is then taken out of your paycheck before you pay taxes. Since this may lower your income, you pay less income tax. Plus, any additional money you contribute on your own is tax-deductible. Other accounts allow your employer to contribute money into an account for you – keeping more money in your pocket.

Notepad

Spending Account Types

Each type of spending account helps you save in different ways, so keep exploring to find out more!

Spending Account Comparison

  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 Your Employer Your Employer
Invest money for future expenses Yes No No
Funded by You** Your Employer You**
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

 

*This may depend on whether your employer offers this option.

**In some cases, your employer may contribute. The IRS sets different limits on contributions to HSAs and FSAs..

 

Disclaimer: Not all states follow federal tax rules with respect to contributions made to HSAs. Please consult your tax advisor to determine the extent to which these contributions may be subject to state income tax and wage withholding rules.

Highmark Blue Cross Blue Shield, Highmark Blue Shield, Highmark Blue Cross Blue Shield Delaware, and Highmark Blue Cross Blue Shield West Virginia are independent licensees of the Blue Cross and Blue Shield Association, an association of independent Blue Cross and Blue Shield Plans.  Highmark Blue Cross Blue Shield serves the 29 counties of western Pennsylvania and 13 counties in northeast Pennsylvania.  Highmark Blue Shield serves the 21 counties of central Pennsylvania and also provides services in conjunction with a separate health plan in southeastern Pennsylvania. Highmark Blue Cross Blue Shield Delaware serves the State of Delaware.  Highmark Blue Cross Blue Shield West Virginia serves the state of West Virginia and Washington County, Ohio.