Stretch Your Healthcare Dollars with a Personal Spending Account


A personal spending account paired with your Concordia Health Plan option makes it possible for you to receive tax-free healthcare dollars.
A great reason to enroll in a personal spending account is the tax benefit that you’ll receive. PSAs allow you to use pre-tax dollars to pay for eligible medical and dependent care expenses. Depending on the type of account, it may be funded by the worker, the employer or both. The money is generally contributed pre-tax, although post-tax contributions can be made, and withdrawals are always tax free if used for eligible expenses.
Contribution Limits:

HSA - $3,400 for individuals, $6,750 for families. HSA holders 55 and over can contribute an extra $1,000.

Medical FSA: $2,650 on employee contributions. Employer contributions are not counted against the maximum.

Dependent Care FSA: $5,000 for qualifying individuals or those who are married filing jointly. $2,500 for those who are married filing separately.

Personal Spending
Account Benefits

High Deductible Health Plans


 

HDHP Advantages


Lower premiums. High deductible health plans offer lower premiums. This simply means you save more healthcare dollars on the purchase of coverage. A high deductible health plan is also cost-effective if you are in good health and rarely get sick because you most likely will not reach your deductible anyway.

Have a personal spending account. HDHPs can be paired with health savings accounts or health reimbursement arrangement to help you budget for healthcare expenses while in the deductible phase of your coverage. PSAs also offer tax advantages that typically keep more money in your pocket. Because you play a role in managing the funds in your account, PSAs encourage you to make more informed decisions when it comes to choosing cost-effective care.

You can manage increasing healthcare costs. With a high deductible health plan option, you will have greater control in terms of managing your healthcare costs. As a smart healthcare consumer, you only go to the ER when there truly is an emergency; look for quality, cost-effective facilities to perform lab work and imaging; and be proactive by scheduling annual preventive exams and taking advantage of preventive care, which is covered 100%.

And because the CHP high deductible health plan options provide comprehensive benefits, you will have access to tools and resources that encourage wellness and contribute to lower healthcare costs.