Spending Account Skip to content
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.


Spending Account Types

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

Spending Account Comparison

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..