Health Financial Accounts
A Blue Cross-funded account is automatically paired with each medical plan to help offset your costs. You also have the option to elect Flexible Spending Accounts (FSAs).
GET TO KNOW YOUR OPTIONS
Each health financial account covers different expenses. Some let you contribute tax-free money, while others only allow Blue Cross to contribute, so be sure to know how they work before you enroll. If you elect a health care or limited purpose FSA for 2024, any unused funds up to $610 will roll over from your 2023 balance. Note that the dependent care FSA isn’t eligible for the rollover.
A Health Savings Account (HSA) is a tax-free account that can be funded by both you and Blue Cross. Use this account for eligible medical, prescription medication, dental, and vision expenses now or in the future. Any unused funds roll over year to year and can grow tax free with interest or be invested.
If you enroll in the PPO medical plan, you're automatically enrolled into an HSA.
Blue Cross contributes funds to a Health Reimbursement Arrangement (HRA). You can use these funds to pay for eligible medical or prescription medication-expenses in the plan year. You can’t contribute to it, and at the end of the year, any unused money will be forfeited.
If you enroll in the HMO medical plan, you are automatically enrolled into an HRA.
You can contribute to a Health Care Flexible Spending Account (FSA) on a pre-tax basis. You can use the funds to pay for eligible medical, prescription medication, dental, and vision expenses in the plan year.
Compatible with the HMO plan or if you decide to waive coverage.
You can contribute to a Limited Purpose Flexible Spending Account (FSA) on a pre tax basis and use the funds to pay for eligible dental and vision expenses in the plan year.
Compatible with the PPO plan.
You can contribute to a Dependent Care Flexible Spending Account (FSA) on a pre tax basis. 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 daycare in the plan year.
Compatible with the PPO plan, the HMO plan, or if you decide to waive coverage.
Which Health Financial Account Is Right for You?
Still unsure which Health Financial Account is right for you? Here are some helpful tips.
1. Review your claims for the last two years, then ask yourself the following questions:
- - Am I spending all of the funds in my flexible spending 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 informational resources about how health financial accounts work. If you aren't enrolled in one of our medical plans, sign in to your HealthEquity®' account directly.
3. Our Financial Finesse benefit offers tools, guidance, and resources to help you make informed financial choices. Talk with a financial coach Monday through Friday 9 a.m. to 8 p.m. ET by calling 1-833-224-5233. You can also live chat with a coach after you create an account and sign in at ffhub.com/thrive. This resource is completely confidential and at no additional cost to you.