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Savings Calculator

The Savings Calculator will help you:

  • Itemize unreimbursed health and dependent care expenses
  • Estimate your annual increase in spendable income if you should choose to participate in the Flexible Spending Account plan

When calculating your annual election amount, keep in mind that the TexFlex health care account and day care account each have a $12 annual administrative fee starting September 1, 2010. The fee will be automatically deducted from your account(s) and will be in addition to the annual debit card fee of $15, should you elect to use the debit card.

  • Don't forget about our dependent day care tax calculator, which helps you determine the best way for you and your family to take advantage of the tax savings allowed by the IRS.

Unreimbursed Healthcare Expenses

This worksheet will help you determine your unreimbursed healthcare expenses during the plan year.

Medical expenses not covered by insurance Annual Estimate
(see notice below)
Total Medical expenses: $0.00
Over-the-Counter (OTC) Notice: Effective January 1, 2011, an OTC drug and medicine purchase will require a prescription to be reimbursed as an eligible healthcare expense. Examples of drugs and medicines requiring a prescription are items such as cough or cold medicine, pain relievers, and allergy or sinus medications. Items that will continue to be reimbursed without a prescription include bandages, saline solutions, insulin and diabetic supplies and diagnostic test kits.
Dental expenses not covered by insurance Annual Estimate
Total Dental expenses: $0.00
Vision and Hearing Care expenses not covered by insurance Annual Estimate
Total Vision and Hearing expenses: $0.00
Total Unreimbursed Healthcare expenses: $0.00

Dependent Care Expenses

This worksheet will help you determine your annual expense for dependent care during the plan year. Keep the following in mind when estimating your expenses:

  • Amounts you pay for dependent care while you are off work due to vacation, holidays, illness or injury are not eligible expenses.
  • If your dependent is a student, your expense may be different during the months when school is not in session.
  • Your or your spouse's work schedule may affect your total expenses.
    Estimate your expenses on a monthly basis since the amounts may fluctuate throughout the plan year.
  Monthly Estimate
Total Dependent Care expenses: $0.00

Annual Medical expenses: $0.00
Annual Dental expenses: $0.00
Annual Vision and Hearing expenses: $0.00
Annual Unreimbursed Healthcare expenses: $0.00
Annual Dependent Care expenses: $0.00
Total Annual expenses: $0.00
Increase* in annual spendable income: $0.00
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* Savings estimate assumes plan limits of $2,550.00 for unreimbursed healthcare expenses and $5,000.00 for dependent care expenses resulting in a maximum savings of $1,585.50. These are typical plan limits but you should consult with your employer to determine the exact limits defined by your plan. For purposes of this illustration, a savings of 21% was used and assumes Federal, state, social security taxes. Actual tax savings depends on several variables, including state and local tax rates and the tax bracket of the participant.