Now you can feel good about your funds and your future. Don’t let the long names fool you. These pretax accounts are a simple way to save on products and services you’re already spending money on.
Not sure which account is right for you? Compare accounts and find the solution that fits you best. Be sure to check your plan to see which accounts are offered.
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 expenses.footnote1
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.
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.
You can take PayFlex with you anytime, anywhere. Just download the PayFlex Mobile® app from the App Store® or Google Play. To log in, use the same username and password you use for the PayFlex member website.
The app lets you quickly view your balance and manage your money. You can even upload photos of itemized receipts, statements and Explanations of Benefits (EOBs). Then submit them for reimbursement.
footnote1You’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
footnote2Savings 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.
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