Health Financial Accounts
Two important reasons to get to know your health financial account: (1) You automatically get one with your medical plan, and (2) it can be a big help in offsetting costs. Learn more about these accounts, including optional flexible spending accounts (FSAs).
HERE ARE YOUR OPTIONS
Each health financial account covers different expenses and is funded differently. If you choose a health care or limited purpose FSA, any unused funds up to $640 will roll over from your 2024 balance. Note that the dependent care FSA isn’t eligible for this rollover.
A health savings account (HSA) can be used for eligible medical, prescription medication, dental, and vision expenses now or in the future.
Blue Cross contributes to your HSA and you have the option to make personal contributions, too. Personal contributions come straight out of your paycheck — pre-tax — and you can change the amount at any time during the year. It grows tax-free and any remaining balance at the end of the year will roll over. HSAs aren’t taxed at a federal income tax level when used for qualified medical expenses.
If you enrolled in the PPO medical plan, you’re automatically enrolled in an HSA.
A health reimbursement arrangement (HRA) can be used to pay for eligible medical and prescription medication expenses in the plan year.
Blue Cross contributes to your HRA, but you cannot make any personal contributions. At the end of the plan year your unused balance is forfeited and doesn’t roll over to the next year.
If you enroll in the HMO medical plan, you’re automatically enrolled into the HRA.
You can contribute pre-tax funds to a health care FSA. You can use these funds to pay for eligible medical, prescription medication, dental, and vision expenses in the plan year.
You can elect this FSA if you choose the HMO plan or if you waive coverage.
You can contribute pre-tax funds to a limited purpose FSA and use these funds to pay for eligible dental and vision expenses in the plan year.
You can elect this FSA if you choose the PPO plan.
You can contribute pre-tax funds to a dependent care FSA. Use these funds to pay for eligible dependent care services, such as preschool, summer day camp, before or after-school programs, and child or adult day care in the plan year.
You can elect this FSA with either the PPO plan, the HMO plan, or if you waive coverage.
“When my children were younger, the HSA came in very handy. Now that it’s just my husband and I, I like that any remaining balance is rolled over for our future needs. "
Maryann Ward
Your colleague in the treasury division
FIND THE RIGHT HEALTH FINANCIAL ACCOUNT FOR YOU
We want to make sure every benefit shows up for you when it matters. Here are some helpful tips for choosing the right health financial account.
1. Review your claims from the last two years, then ask yourself the following questions:
- Am I spending all of the funds in my health financial account?
- What are my expected expenses for the coming year?
- Do I need to allocate more to cover my expenses?
2. Sign in to MyBlue and review your current health financial accounts, and access more information about how health financial accounts work. If you aren't enrolled in one of our medical plans, sign in to your HealthEquity®' account directly.
EXPERT ADVICE FOR CHOOSING YOUR BENEFITS
Talk to a financial expert one-on-one about your decision. Get confidential, no-cost access to tools, guidance, and resources for your financial well-being with Financial Finesse.
Connect with a financial coach Monday through Friday, 9:00 a.m. to 8:00 p.m. ET, by calling 1-833-224-5233, or create an account at ffhub.com/thrive.