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.

Benefits of PSAs

Tax benefits

PSAs offer tax advantages that can help keep more money in your pocket. The money is contributed pre-tax (although post-tax contributions can be made), and withdrawals are always tax free if used for eligible expenses.

Retirement savings

Health savings accounts allow balances to accumulate and earn interest year over year, providing investment opportunities that can grow your account and be used towards your retirement.

Budgeting opportunities

PSAs help you budget and save dollars to cover major care needs, everyday care or dependent care costs.

Advantages with PSAs

Pairing your health plan option with an HSA, HRA and FSA can put you in the driver's seat when it comes to making decisions about how much you want to pay for your health care.

Frequently Asked Questions

psa faqs

Can I use my PSA to pay for this?

Find out which health-related costs are considered medical expenses that can be paid using your personal spending account.

Answers to PSA questions


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.