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Plan
Our tools can help you decide how much to contribute and estimate your savings. And for health savings accounts (HSAs), you can see the power of investing.
INDIVIDUALS • EMPLOYERS / BROKERS
Why choose PayFlex
It’s never been easier to plan, save, and pay for personal well-being. With PayFlex, you get more value — plus savings, simplicity and convenience.
Save
Your accounts don’t just provide tax savings. You can also get exclusive discounts on many health care items through CVS Pharmacy® online, in the app or in the store.footnote1
Pay
At PayFlex, we go beyond traditional health care accounts. Employer-sponsored incentives and rewards help boost household budgets with more ways to pay for eligible products and services.
HSA FOR INDIVIDUALS
Have you heard about this?
Check out the PayFlex Individual HSA and see how much you could save. You don’t want to miss this opportunity if:
- You’re enrolled in a qualified high-deductible health plan (HDHP) and your employer doesn’t offer an HSA.
- You’re self-employed and you’re enrolled in a qualified HDHP.
- You’re age 55 or older and your spouse has an HSA. You could open your own HSA and contribute $1,000 each year.
- You’re under age 26 and covered by your parent’s HDHP. If you’re not claimed as a dependent on their tax return, you may be eligible to open your own HSA.
- You have an HSA, but you’d like to open an HSA with PayFlex and transfer your funds so your money is all in one place.
INDIVIDUALS
Add up your tax savings
Curious about how much you might save with a PayFlex health care account? Just plug in your numbers. This calculator will show you possible tax savings on eligible out-of-pocket expensesfootnote2.
Average tax rate
21%
Potential tax savings3
footnote†For best estimate, enter an amount less than or equal to the pretax contribution limit: Health Care FSA: $2,750; HSA: $3,600 (individual coverage) and $7,200 (family coverage); Age 55 or older: You may contribute an additional $1,000 to your HSA.
COMMON ELIGIBLE HEALTH CARE EXPENSES
Tax-free spending on eligible health care expenses
Check out the list of common eligible health care expenses. Use the search bar to find specific items and services. Or you can click on the column headers in the table to see which are eligible, eligible with a Letter of Medical Necessity (LOMN), or not eligible.
FIND OUT IF AN EXPENSE IS ELIGIBLE
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VIEW LIST BY ELIGIBILITY CATEGORY
footnote1Promotional offers, available in-store at CVS Pharmacy or online at CVS.com for eligible PayFlex HSA/FSA members.
footnote2You’ll want to add up your total health care expenses per year. These may include:
Medical: deductibles, copays, co-insurance, health care provider visits, prescription drugs, over-the-counter items, insulin, diabetes syringes and supplies, annual wellness exams, chiropractic treatments and other medical expenses
Dental: checkups and cleanings, fillings, root canals, crowns, bridges, dentures, mouth surgery, orthodontics (braces) and other dental expenses
Vision/hearing: exams, eyeglasses, prescription sunglasses, contact lenses and cleaning solutions, corrective eye surgery (LASIK, cataract), hearing exams, hearing aids, batteries and other vision or hearing expenses
footnote3Savings estimates assume annual IRS FSA and HSA contribution limits or your total expenses, whichever is less. Talk with your employer to learn the exact limits for your plan. For this calculation, we used a savings of 21% to assume federal, state and social security taxes you may avoid with pretax contributions. This calculation is just an estimate. It isn’t tax advice. Ask your tax advisor to find out how much you might save by making pretax contributions. Actual tax savings depend on many things. Some of these include state and local tax rates, your tax bracket and the FICA tax rate.