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Financial accounts are a smart choice for individuals and companies looking to lower their health care costs and save taxes. With options that include long term savings, a financial account gives individuals more control over their health care spending now — and into the future.

HSA or FSA card being used at the pharmacy

Health Savings Account1 (HSA)

  • Available for both Employer Group and Individual coverage when offered with a compatible health plan* (and lower premium).
  • A tax-deductible savings account that is used to help pay for current or future qualified medical expenses.
  • Funded by individuals; however, employers may contribute, up to a combined IRS maximum.
  • Tax savings on contributions, withdrawals for qualified medical expenses and investment earnings.
  • Qualified medical expenses are those not reimbursed by insurance or another source (see IRS publication 502).
  • Can be combined with wellness incentives.
  • Available for both Employer Group and Individual coverage when offered with a compatible health plan* (and lower premium).
  • A tax-deductible savings account that is used to help pay for current or future qualified medical expenses.
  • Funded by individuals; however, employers may contribute, up to a combined IRS maximum.
  • Tax savings on contributions, withdrawals for qualified medical expenses and investment earnings.
  • Qualified medical expenses are those not reimbursed by insurance or another source (see IRS publication 502).
  • Can be combined with wellness incentives.

Health Reimbursement Account2 (HRA)

  • Available for Employer Group coverage only and compatible with most health plans.

  • An employer-established and funded account that reimburses employees for qualified medical expenses up to a maximum amount.

  • Reimbursements are pre-tax employee benefits and employer tax deductions.

  • Employer determines the maximum amount, qualified medical expenses (within IRS guidelines), and reimbursement options, such as a debit card, automatic reimbursement, or reimbursement form.

  • Can be combined with wellness incentives.
  • Available for Employer Group coverage only and compatible with most health plans.

  • An employer-established and funded account that reimburses employees for qualified medical expenses up to a maximum amount.

  • Reimbursements are pre-tax employee benefits and employer tax deductions.

  • Employer determines the maximum amount, qualified medical expenses (within IRS guidelines), and reimbursement options, such as a debit card, automatic reimbursement, or reimbursement form.

  • Can be combined with wellness incentives.

Flexible Spending Account2 (FSA)

  • Available for Employer Group coverage only.

  • An account in which an employee can deposit payroll deductions for future eligible medical or childcare expenses and reduce their taxable income.

  • Qualified expenses are those not reimbursed by insurance or another source (see IRS publications 502 and 503).

  • Employer determines maximum deposits / contribution and optional features, such as rollover and debit card options.

  • Available for Employer Group coverage only.

  • An account in which an employee can deposit payroll deductions for future eligible medical or childcare expenses and reduce their taxable income.

  • Qualified expenses are those not reimbursed by insurance or another source (see IRS publications 502 and 503).

  • Employer determines maximum deposits / contribution and optional features, such as rollover and debit card options.

1Florida Blue offers only the health benefit plan to be used in conjunction with the Health Savings Account (HSA). An HSA is an individual's account to manage with our preferred administrator or a qualified financial institution or trustee of their choice. For more information on opening an HSA, the tax advantages of doing so, and the important tax implications of HSAs as used with a high-deductible health benefit plan, please contact a tax advisor or a financial institution.

2The FSA and HRA programs are financial reimbursement plans, not insurance programs.

Blue Cross and Blue Shield of Florida, Inc., and its wholly owned subsidiary Health Options, Inc., contracts with the Centers for Medicare & Medicaid Services to administer Medicare Advantage and Part D Prescription Drug benefits, in the state of Florida. These contracts are renewed annually, and availability beyond the end of the current contract year is not guaranteed.

The amount of benefits provided depends upon the plan selected and the premium may vary with the amount of benefits selected.

Networks are comprised of independent contracting health care providers.

FB EMP PROD 004 NF 122021