Press release

HSAs, FSAs and HRAs can help you save money on medicine 

Special savings accounts can help you save money on qualified health expenses, including medicine.


It’s no secret that health care costs are on the rise. Now more than ever, it’s important to use every tool you have available to keep these costs manageable. 

Health savings accounts (HSA), flexible spending accounts (FSA) and health reimbursement accounts (HRA) provide tax advantages that can help keep health care costs in check. HSAs, FSAs and HRAs can be used for qualified medical expenses, including prescription medicines and non-prescription insulin, as outlined by the IRS. 

 Each type of account has different rules and requirements. Here are some of the basics to know:

Health Savings Accounts

Overview
An HSA allows individuals to set aside pre-tax dollars in a personal savings account. Employers may also fund the account.

Who can get it?
Individuals enrolled in a high-deductible health plan that meets IRS guidelines.

Do funds roll over?
Yes.

Can I keep the account if I leave my job?
Yes.

How much can I put into it each year?
In 2017, the limit for individual coverage is $3,400 and $6,750 for family coverage.


Flexible Spending Account (health care)

Overview
An FSA allows individuals to set aside pre-tax dollars. Employers may also fund the account. It does not need to be connected to a health plan.

Who can get it?
Individuals whose employers offer FSAs.

Do funds roll over?
Sometimes. Employers may allow up to $500 to roll over.

Can I keep the account if I leave my job?
No.

How much money can I put into it each year?
Your employer decides on the limit, but it can’t be more than the IRS limit of $2,600 for an individual in 2017.


Health reimbursement account

Overview
An HRA is funded by an employer, individuals can’t put their own money into it. It’s usually connected to a health plan.

Who can get it? 
Individuals who sign up for a health plan with an HRA option through their employer.

Do funds roll over?
Maybe. Your employer can limit the amount that rolls over.

Can I keep the account if I leave my job?
No.

How much can I put into it each year? 
There’s no limit to what employers can put in.


About Prime Therapeutics

Prime Therapeutics LLC (Prime) helps people get the medicine they need to feel better and live well. Prime manages pharmacy benefits for health plans, employers, and government programs including Medicare and Medicaid. The company processes claims and delivers medicine to members, offering clinical services for people with complex medical conditions. Headquartered in St. Paul, Minn., Prime serves just over 22 million people. It is collectively owned by 14 Blue Cross and Blue Shield Plans, subsidiaries or affiliates of those plans. Prime has been recognized as one of the fastest-growing private companies in the nation.  

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