Spending accounts are a great way to help your employees save money on qualified medical expenses. And having your health plan and spending accounts in one place makes life easier — for you and your team.
Let's streamline your health care solutions. Integration means that your company can get personalized help with your health plan and spending accounts from one team.
Your employees can also get a more streamlined health solution. Not only can they manage both their spending account and health plan in one place, but integration also makes paying claims easier.
Every health plan should be paired with a spending account. This chart will help you find the right spending account for your business.
|Health Plan Type||Employee Premium/Deductible||Employee Out-of-Pocket Expense||Spending Account Pairing|
|Qualified High-Deductible Health Plan||Low/High||Higher||Health Savings Account + Limited Purpose Flexible Spending Account|
|Traditional Plans||High/Low||Lower||Flexible Spending Account and Health Reimbursement Arrangement|
|Traditional Health Plan w/ higher deductible||Low/High||Higher||Flexible Spending Account and Health Reimbursement Arrangement|
These spending accounts can be paired with any plan to help your employees pay for qualified transportation, child care, and even some adult care expenses.
To see how different spending accounts are used, check out this chart.
|Pay for deductibles/coinsurance/copays||Yes||Yes||Yes|
|Pay for dental/vision/presctiptions||Yes||Yes||Yes|
|Pay for dependent care||No||No||Yes|
|Account owned by||You||Employer||Employer
|Invest money for future expenses||Yes||No||No|
|You are required to have a Qualified High-Deductible Health Plan
|Money is transferable if you change jobs/change plans/retire
|Can reduce your taxable income
|Debit card available||Yes||Yes||Yes|
*Employers may choose to contribute. The IRS sets different limits on contributions to HSAs and FSAs.
Your employees will thank you because our spending account experience gives them:
Our app lets users view and pa ybalances, manage debit cards, see recent transactions, and more — all from their phones.
Employees can choose tex tor email alerts to easily manage their account.
If they have questions about their health plan or spending accounts, they have only one number to call to get help.
Your Highmark representative can tell you everything you need to know about spending accounts and how they help you and your employees save on health care.