Benefits Spotlight FSA v. HSA: What does it all mean?
What can I use my HSA or FSA debit card to pay for? There are thousands of eligible items, including: • Copays and coinsurance • Doctor visits and surgeries • Over-the-counter medications (first aid, allergy, asthma, cold/flu, heartburn, etc.) • Prescription drugs • Birthing and lamaze classes • Dental and orthodontia • Frames, contacts, prescription sunglasses, etc. But what is the difference between these two options, and would either of these accounts benefit you?
Flexible Spending Accounts and Health Savings Accounts are two different benefits whose titles are often misun- derstood and used interchangeably. However, both offer benefits unique to their participants. The following Ben- efits Spotlight should help dispel some of the myths and misunderstandings. If you are an employee who is eligible to participate in the Blue Cross and Blue Shield health insurance plans, you can choose a plan with HSA (Health Savings Account). Another benefit that Providence offers to all bene- fits-eligible employees is participation in an FSA (Flexible Spending Account). How are an HSA and FSA alike? Both of these accounts are a way for you to set aside money to pay for health-related expenses, pre-tax. For either of these plans, you will receive a debit card that you can use to make qualified purchases or to pay for qualified care costs.
6 Volume 1 | 2024
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