Integrated HSAs, HRAs and FSAs: Value to your organization

Integrated health savings accounts (HSAs), health reimbursement arrangements (HRAs) and flexible spending accounts (FSAs) have important advantages for both employers and employees:

For employers, integrated HSAs, HRAs and FSAs lower your health care cost contributions, encourage employees to become wiser health care consumers, create a tax savings for your organization and can help your bottom line.

For employees, integrated HSAs, HRAs and FSAs 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.

Cost effective and easy

The last thing you need is a complicated process for administering financial accounts. Providence Health Plan and HealthEquity work together to provide:

  • Integrated enrollment and eligibility for HSAs and HRAs
  • Coordinated account setup
  • Integrated billing for HSAs and HRAs
  • Unified claims administration for HSAs, HRAs and FSAs

Members have access to online account tools with their secure myProvidence account as well as HealthEquity's 24/7 customer service.

More about integrated HSAs, HRAs and FSAs

Decide what works best for your business and employees. Providence Health Plan and HealthEquity work together with you to design customized solutions that fit your needs.

Health savings accounts (HSAs)

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 pretax from paychecks, and the money rolls over year to year, staying 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 (HRAs)

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 – you decide the amount to 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 your organization

Flexible spending accounts (FSAs)

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.

FSA 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.