Three types of financial arrangements can be coupled with a High-Deductible Health Plan (HDHP) - a Health Savings Account (HSA), Health Reimbursement Arrangement (HRA) or Flexible Spending Account (FSA).
Pre-tax and tax-deductible dollars contributed to these arrangements can be used for IRS-approved qualified medical expenses such as copays, deductibles, coinsurance and prescriptions. HSAs even allow plan members to pay for vision care, long-term care insurance premiums, COBRA premiums and more.
Each type of financial arrangement is unique in its design, administration and use. Adding a financial arrangement helps employees pay for the health care services they need with tax-advantaged funds. Be sure to weigh the benefits of each before choosing one.
Here are a few things to keep in mind about each:
Contact your broker or BlueCross account executive to learn more about HSAs, HRAs and FSAs.
Exclusive savings on services like LASIK eye surgery, massage therapy, much more.Discounts with BluePerks
We've been there for Tennesseans since 1945 – and we'll be here for you, too.Why Choose Blue