Personal Spending Accounts
Stretch your health care dollars with a personal spending account
Personal spending accounts (PSA) 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, they encourage you to be better health care consumers – stretching your health care dollars.
Types of HealthEquity PSAs
- Harness the Power of an HSA (video)
- HSA your way: Spend save and invest in your healthcare (video)
- For additional information on HSAs, contact a Financial Educator or check out these additional resources provided by HealthEquity.
HSA VIDEOS
- Flexible spending account
- Limited purpose flexible spending account
- Dependent care flexible spending account
- Health reimbursement arrangement
Learn more about HealthEquity PSAs by visiting: https://learn.healthequity.com/concordiaplans.
Annual IRS Limits:
- 2026 FSA
Flexible Spending Account: $3,400
Dependent Care: $7,500
- 2026 HSA
Self only: $4,400
Family: $8,750
Over 55: $1,000 make-up contribution
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
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.
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 our Health Services Team at 888-927-7526, ext. 6002 or Contact Us.