Spending accounts – the smart way to save

They make it easier to plan for and manage your expenses for health care, child care, and even commuter expenses – saving money in the process.

Spending accounts – the smart way to save

They make it easier to plan for and manage your expenses for health care, child care, and even commuter expenses – saving money in the process.

Pay for care pre-tax

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.

How much should I be saving

Learn how to best plan for unexpected out-of-pocket costs, like deductibles, copays, coinsurance and prescriptions.

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The right insurance plan

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.

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Managing health care finances

Understand how your overall health care finances play an important role in achieving your overall financial wellness.

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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.

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	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

Choosing a spending account

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 below}¹

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Pay for it pre-tax

Most spending accounts let you choose how much money you want to set aside for health care, child care, 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.

¹_{By 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.}

²_{In some cases, your employer may contribute. The IRS sets different limits on contributions to HSAs and FSAs.}

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