Spending accountsFor large businesses
With tax advantages for both you and your employees, BlueSaver® spending accounts make a smart addition to your health plans. They’re easy to manage with online tools and offer convenient funding methods and on-demand reporting.
Health savings accounts (HSAs)
HSAs are employee-owned savings accounts, which can be funded by an employer, an employee, or both. They can only be offered in conjunction with a federally qualified high-deductible health plan (HDHP).
Employees contribute to HSAs through pre-tax payroll deduction, check, or online transfer. Contributions are tax-deductible, and distributions are tax-free when used to pay for qualified medical expenses. Interest and earnings are also tax-free.1
The HSA is employee-owned — so if he or she changes jobs, the account goes with that employee. In addition to using the HSA to pay for out-of-pocket healthcare costs this year, employees may also open an investment account with a portion of their funds allowing the HSA to become an investment vehicle to help cover health care costs in their retirement years.2
The BlueSaver® HSA Solution
Our BlueSaver HSA Solution is closely integrated with our medical products and services to ensure a seamless experience for your employees — to help them take full advantage of their health plan benefits.
The BlueSaver HSA Solution offers employees all the advantages of an HSA, along with claim and payment integration to make account management easy. This integration creates a one-of-a-kind experience for our members, while also assisting them in becoming more informed health care consumers.
Reduce prescription costs with the BlueSaver HSA Solution pharmacy benefit
With the BlueSaver HSA Solution, customers can add a benefit that helps them save money and makes it easier for members with chronic conditions to afford preventive medications.
When a member with an HSA-qualified HDHP fills a prescription for any of the eligible preventive medications, the deductible is waived. The member simply pays the plan’s copay or coinsurance. View the complete HSA HDHP Drug List.
Refer to IRS Publication 969 for more information about HSAs. Refer to IRS Publication 502: Medical and Dental Expenses for a complete list of qualified expenses.
HSA investment solution
Members who are enrolled in an Independence HDHP with an HSA now have a new option to invest their HSA funds. The WealthCare Saver investment experience allows members to personalize their investment journey based on their unique needs and investment experience level. Best of all, the new solution is fully integrated, allowing account holders to manage all aspects of their HSA through ibx.com or the IBX Mobile App.2
For more information about the BlueSaver HSA Solution, contact your Independence account executive, independent broker, or consultant — or call 215-241-2263.
Health reimbursement accounts (HRAs)
HRAs are personal accounts funded solely by an employer. Employer contributions are tax deductible and are generally excluded from an employee’s gross income.
HRAs can be used to pay for qualified medical expenses as defined by the tax code and determined by the employer. Rollover of HRA funds into the next plan year is allowed at the employer’s discretion.
The BlueSaver HRA
The BlueSaver HRA offers employers flexibility and a wide range of options to align the HRA with your organization’s overall health care and financial strategies.
Features of the BlueSaver HRA include:
- Flexible coverage options — including deductible, copay and/or coinsurance, limited types of expenses3
- The ability to reimburse a percentage of each claim or to include an employee up-front out-of-pocket requirement before the HRA covers expenses
- Easy enrollment based upon medical plan election
- Easy account maintenance and on-demand reporting
- Automated claims rollover
- Direct payment to provider available
- Optional no-cost debit card for the subscriber and dependents over 18
Flexible spending accounts (FSAs)
FSAs are personal accounts generally funded by employees. FSAs help reduce members’ tax liability when they set aside money for medical expenses or for dependent care (also known as a dependent care account). Employers benefit by offering FSAs because participation reduces employees’ taxable income — which can reduce FICA taxes for employers.
Please note: BlueSaver FSAs are available to groups of 100+ employees.
The BlueSaver FSA
The BlueSaver health FSA is closely integrated with our medical products and services to improve the experience for members and help them take full advantage of their benefits. The dependent care account offers similar features — including online claims submission to speed up reimbursement.
- Easy account maintenance and on-demand reporting
- Automated claims rollover for the health FSA
- Optional direct payment to medical provider
- No-cost debit card for the subscriber and dependents over 18
Refer to IRS Publication 502 for a complete list of qualified medical and dental expenses. Refer to IRS Publication 503 for more information about dependents and dependent care FSAs.
1 Tax savings are at the federal level. State tax policies vary.
2 An optional investment account may be opened when the account balance exceeds $500; additional fess apply.
3 Because an HRA offers employer-owned funds, there is greater flexibility in what expenses are covered — provided they are considered qualified medical and dental expenses. Refer to IRS Publication 502 for a complete list of qualified medical and dental expenses.