Health savings accounts, health reimbursement accounts and flexible spending accounts are programs with tax benefits that you can use to save on health care costs. Some you can set up yourself if you have the right self-purchased health plan, and others are provided by your employer.
Do you have questions about your HSA, HRA, or FSA? Are you trying to find out which option is right for you?
Blue Cross Blue Shield of Michigan can help. Read the health spending accounts page on our website, and if you're a member, log in to our member portal or check the Blue Cross mobile app for more information.
Employers who need help deciding which options are best for their business and employees should view our employer health spending accounts page or contact an agent.
A health savings account, or HSA, is an account you use to pay for qualified medical, pharmacy, dental and vision expenses and save on taxes. You must be covered by a high-deductible health plan to open an HSA.
An HRA, or health reimbursement arrangement, is a kind of health spending account provided and owned by an employer. The money in it pays for qualified expenses, like medical, pharmacy, dental and vision. Your employer decides what your HRA will pay for.
A flexible spending account or arrangement is an account your employer provides you to help you save money on taxes and pay for qualified expenses. What makes them flexible? They give employers the most options on which accounts to offer. Your employer can keep any funds left in the account after year’s end.
A health savings account, or HSA, is an account you use to pay for qualified medical, pharmacy, dental and vision expenses and save on taxes. You must be covered by a high-deductible health plan to open an HSA.
An HRA, or health reimbursement arrangement, is a kind of health spending account provided and owned by an employer. The money in it pays for qualified expenses, like medical, pharmacy, dental and vision. Your employer decides what your HRA will pay for.
A flexible spending account or arrangement is an account your employer provides you to help you save money on taxes and pay for qualified expenses. What makes them flexible? They give employers the most options on which accounts to offer. Your employer can keep any funds left in the account after year’s end.