Personal Spending Accounts
Stretch your health care dollars with a personal spending account
Personal spending accounts (PSAs) are a great way to help you budget and save for major as well as everyday health care and/or dependent care costs. By offering tax benefits, PSAs typically keep more money in your pocket, and because you manage the funds in the accounts themselves, PSAs encourage you to be better health care consumers – stretching your health care dollars.
Types of PSAs
A personal spending account paired with your Concordia Health Plan option makes it possible for you to use tax-free dollars to pay for eligible medical, prescription, dental, vision and dependent care expenses. There are three types of PSAs — health savings account, health reimbursement arrangement and flexible spending account (medical and dependent care).
Medicare and HSAs
Are you at or approaching age 65 and currently contributing to a health savings account? Be aware that enrolling in Medicare or receiving Social Security benefits ends your eligibility to contribute to an HSA. Contact your employer right away if this applies to you.
Questions? Contact the Concordia Plans Health Services Team at 888-927-7526, ext. 6002 or Contact Us.