Integrated HSA, HRA and FSA: Value to your organization

Integrated health savings accounts (HSA), health reimbursement arrangements (HRA) and flexible spending accounts (FSA) have important advantages for both employers and employees:

For employers, integrated HSA, HRA and FSA lower your health care cost contributions, encourage employees to become better health care consumers, create a tax savings for your organization and can help your bottom line.

For employees, integrated HSA, HRA and FSA allow more control over how they spend their health care dollars, help support healthy lifestyle choices and create a tax savings for them and their families.

We make it easy

The last thing you need is a complicated process for administering your HSA, HRA and FSA. With our integrated HSA, HRA and FSA, Providence Health Plan and HealthEquity work together to provide a seamless process that includes integrated:

  • Enrollment
  • Set up
  • Billing
  • Claims administration

Your organization works with one integrated program that's all managed through the myProvidence website and includes:

  • Exceptional online tools
  • A single bill for premium and account fees
  • In-person customer service that's available 24/7 every day of the year

It's seamless, cost effective and easy.

More about integrated HSA, HRA and FSA

You can decide what works best for your business and your employees. Providence Health Plan and HealthEquity are working together to design customized solutions. We also handle everything related to set up, billing and administration – we make it easy for you!

Health savings accounts (HSA)

HSAs are employee-owned bank accounts where money is deposited – by employees, employers and even family members – to be used for employees' current and future health care expenses. Contributions can be deducted pre tax from paychecks, and the money rolls over year to year and stays with the employee even with job changes and retirement.

HSA advantages include:

  • Lower premiums allow employer to use savings to fund the account
  • Encourages employees to be more accountable for their health care spending
  • Provides payroll tax savings via employees' pre-tax contributions
  • Works as an effective tool for recruiting and retaining excellent employees
  • Helps to create organizational savings in the long run

Health reimbursement arrangements (HRA)

HRAs are employer-owned accounts used by employees for their qualifying medical expenses, such as deductibles, copayments, coinsurance and sometimes additional expenses such as dental and vision care. Employees do not contribute to their HRAs.

HRA advantages include:

  • Can be customized to fit specific business needs – the employer decides the amount it will contribute, as well as plan benefits and limitations
  • Can be used in conjunction with almost any medical plan
  • Helps provide incentives for healthy choices and behaviors
  • Unused funds remain with the employer

Flexible spending accounts (FSA)

FSAs allow employees to set aside pre-tax dollars from their paycheck to help pay for their family's health care costs throughout the year. This includes deductibles, copays and coinsurance, as well as dental and vision care, hearing aids and other IRS-approved medical expenses. Also available are Limited Purpose Flexible Spending Accounts, which can act as a bridge to reimburse employees for dental and vision care.

Advantages include:

  • Makes it convenient for employees to set aside pre-tax dollars
  • Can be paired with other HSA and HRA accounts
  • Helps encourage employees to be more accountable for their health care spending

Learn more

Please contact your producer for more information.