Open Enrollment Toolkit

Oh, hey!

Excited to see you here.

Most people listen to videos like these on mute, so I wasn’t expecting you.

But, thanks for turning that volume up.

Where do I even start?

There’s just so much I want to chat with you about on how you can plan, save, and spend smarter.

Welcome to PayFlex, an Aetna company. So, to break it down for you PayFlex includes health savings plans and flexible spending plans. And with PayFlex you’ll have the tools, services and support to make the right decisions for your health and financial well-being.

Your health savings account, or HSA is a smart money management tool, that lets you set aside money, tax-free to pay for eligible expenses. Such as your medical plan deductibles, and co-insurance, prescriptions, even some over the counter stuff like first-aid and pain-relievers, vision and dental care and so on.

The money that goes into your account, which is how you save for current and future expenses is based on how much you contribute. The 2020 contribution limits is thirty six hundred dollars for individuals, seventy two hundred dollars for families. And if you’re over the age of fifty-five, you can make a catch-up contribution of one thousand dollars.

Plus, an HSA is a triple tax advantage account, which means that contributions, earnings and withdrawals are tax-free. That’s a win, win, win.

By the way, that HSA of yours will grow over time. The funds roll over year to year and the account earns interest too.

Once your account hits the minimum required balance for investments you can start investing your money. And PayFlex makes investing easy with a choice of funds and facts you need right on the website.

Plus, you can take your HSA with you whether you change plans, jobs or decide to retire.

Now let’s get you up to speed on flexible spending accounts. There are three types, a health care FSA lets you use pre-tax dollars to pay for eligible healthcare expenses that aren’t covered by your medical plan.

A limited purpose FSA can help you pay dental and vision expenses before you meet your deductible. After that you may be able to use your account for any eligible health care expenses.

A dependent care FSA can help pay for services like day care, preschool and eldercare.

You can register easily with the PayFlex member website, where you can learn about your account, calculate eligible expenses and more.

And make sure you download the PayFlex Mobile App to manage your account wherever, whenever.

Here are all the ways you can get in touch with us.