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Personal Savings Accounts
A wide variety of personal savings accounts (PSAs) that work with our health plans are available in the marketplace to fit your clients' needs. From Flexible Spending Accounts (FSAs) to the consumer-directed Health Reimbursement Arrangements (HRAs) and Health Savings Accounts (HSAs), personal savings accounts can help employers and members save.
 
While Blue Shield is not a financial institution and does not provide tax advice or PSAs, we have relationships with Wells Fargo and Ceridian which offer these accounts. By consolidating all PSA options, your clients can experience increased convenience and administrative flexibility. Follow the links below to learn more about various PSAs.
Flexible Spending Accounts (FSA)
FSAs can be a tax-free way for employees to save for qualified medical expenses during a single plan year. Pre-tax contributions can be deducted from the employee's paychecks which reduce the employee's federal and state taxable income and FICA (Social Security and Medicare) taxes, as well as the employer's matching FICA taxes. All Blue Shield health plans are FSA-compatible.
Health Reimbursement Arrangement (HRA)
HRAs – also called fixed contribution plans, personal care accounts, or health care account plans – can offer a consumer-directed approach that can help reduce the cost of healthcare for an employer. In addition, money left at the end of the year can be rolled over to future years depending on the plan. All Blue Shield health plans are HRA-compatible.
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Health Savings Account (HSA)
An HSA is an account-based saving option that can allow individuals to pay for qualified medical expenses. This consumer-directed approach to health care is available only in conjunction with an HSA-compatible high-deductible health plan. Pre-tax funds can be deducted from employee paychecks, employees can make lump sum contributions, and employers may make contributions individually or through payroll deduction. After-tax contributions may be deductible on employees' federal tax returns, even if they do not itemize deductions. Unused funds can accumulate year-to-year, tax-deferred. HSAs are owned by the employee or individual. Individuals may be eligible to purchase HSAs on their own. Shield Spectrum PPOSM Savings Plus plans are HSA-compatible high-deductible health plans.
 
Learn more about our HSA-compatible high-deductible health plans.
 
Learn more about HSAs.
Wells Fargo
For specific details about Wells Fargo's HSA offerings, follow the link below:
 
Wells Fargo
  • Years of experience in the administration of HSAs
  • Provider of institutional trust services for more than 150 years
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Brochure
PSA Overview Brochure (PDF, 1.0MB)
This overview from Wells Fargo summarizes the key benefits of PSAs for producers and employers.
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