If you have established a Section 125 plan, spending accounts give your employees the flexibility to use pre-tax dollars to pay for medical, dental, vision, prescriptions, and other qualified medical expenses — saving them money. And our team works with you to make it easier than ever to pair a spending account to your health plan.
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.
HSA | HRA | FSA | |
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 | Employees | You | You |
Invest money for future expenses | Yes | No | No |
Funded by | Employees* | You | Employees* |
Need Qualified High Deductible Health Plan | Yes | No | No |
Money is transferable if person changes jobs/changes health palns/retires | Yes | No | No |
Can reduce taxable income | Yes | No | Yes |
Debit card available | Yes | Yes | Yes |
*Employers may choose to contribute. The IRS sets different limits on contributions to HSAs and FSAs.
No matter which spending account you choose, you get the simple experience you've been looking for, like:
Ready-to-use employee educational resources
Year-round educational resources make it easy to inform your employees of their benefits.
Real-time reports
Get rich data insights from employee engagement reports when you need them
Fast Service Support
Whether it's a quick question or you need help with something more complicated, the support you need is always close by.
Your employees will thank you because our spending account experience gives them:
Convenient Access
Our app lets users view and pay balances, manage debit cards, see recent transactions, and more, all from their phones.
Alerts on their terms
Employees can choose text or email alerts to easily manage their account.
Fast and accurate answers
If they have questions about their health plan or spending accounts, they have only one number to call to get help.
Let's make things easier for you
Talk to a sales rep about how you can pair a spending account with your health plan.