Narrator - What if you had more money in your pocket to help pay for health care expenses? Now you can, with a flexible spending account sponsored by your employer and administered by PayFlex.
The health care flexible spending account or FSA allows you to contribute pre-tax dollars to pay for eligible health care expenses such out-of-pocket expenses include medical, dental, prescription, hearing and vision expenses. You can also use your funds to pay for deductibles copays and coinsurance. Here's how it works.
When enrolling in your benefits for the new plan year estimate the amount you’ll need to pay for eligible health care expenses. Estimate your contributions carefully as unused funds do not roll over at the end the plan year and will be forfeited. Based on your estimate make an annual pre-tax contribution election to your healthcare FSA, then throughout the year use your FSA to pay for eligible health care expenses for you, your spouse and any eligible dependents.
For added convenience your employer can choose to offer a PayFlex debit card, which allows you to access your FSA funds and immediately to pay for eligible health care expenses at qualified merchants where MasterCard is accepted.
And you can access your account virtually anytime anywhere through our dynamic website or with our innovative PayFlex Mobile App that brings the website and all its functionality to your fingertips.
Take advantage of your company's health care FSA and start saving. This has been a brief summary of a healthcare FSA.
Narrator - What if you had more money in your pocket to help pay for health care expenses? Now you can, with a Flexible Spending Account, sponsored by your employer and administered by PayFlex.
The health care Flexible Spending Account -or FSA- allows you to contribute pretax dollars to pay for eligible health care expenses.
Such out-of-pocket expenses include medical, dental, prescription, hearing and vision expenses. You can also use your funds to pay for deductibles, copays and co-insurance.
Here's how it works.
When enrolling in your benefits for the new plan year, estimate the amount you'll need to pay for eligible health care expenses.
Based on your estimate, make an annual pre-tax contribution election to your health care FSA. Then, throughout the year, use your FSA to pay for eligible health care expenses for you, your spouse and any eligible dependents. And, now it’s OK if you have some funds left at the end of the year. The traditional “use it or lose it” requirement has recently changed and your employer has chosen to let you carryover a certain amount each year as long as you continue to be an active employee as of the last day of the plan year. The carryover amount is decided by your employer but cannot exceed the IRS limit of $500. Refer to your plan for the specific amount.
So, it’s no longer “use or lose it!” But remember, there’s a limit. And any funds over that limit could be forfeited or become subject to a run-out period.
For added convenience, your employer can chose to offer a PayFlex debit card which allows you to access your FSA funds and immediately pay for eligible health care expenses at qualified merchants where MasterCard® is accepted.
And you can access your account virtually anytime, anywhere through our dynamic website or with our innovative Pay Flex Mobile™ App that brings the website and all of its functionality to your fingertips.
Take advantage of your company's health care FSA and start saving.
This has been a brief summary of a Health Care FSA.
Narrator - What if you had more money in your pocket to help pay for your dependent care expenses. Now you can with the dependent care flexible spending account sponsored by your employer and administered by a PayFlex.
The dependent care flexible spending account or FSA allows you to contribute pre-tax dollars to pay for eligible dependent care expenses. Such eligible expenses include: daycare, nursery or preschool, before and after school programs and adult day care.
Here's how it works.
When enrolling in your benefits for the new plan your estimate the amount you need to pay for eligible work-related dependent care expenses. Estimate your contribution carefully as unused funds do not roll over at the end of the plan year and will be forfeited. Based on your estimate make it annual pre-tax contributions election to your dependent care FSA then throughout the year use your FSA to pay for eligible work-related dependent care expenses for your child under the age of 13 and any eligible dependents who live with you and our incapable of self-care.
PayFlex makes it easy, you can access your account virtually anytime anywhere through our dynamic website or our innovative PayFlex Mobile App that brings the website and all its functionality to your fingertips.
After dependent daycare services have been provided simply submit a claim for quick reimbursement online or take a picture of a receipt with your phone and use the mobile app to upload.
Take advantage of your company's dependent care FSA and start saving.
This has been a brief summary of a dependent care FSA.
Narrator - What if you had more money in your pocket to help pay for certain health care expenses?
Now you can, with a Limited Purpose Flexible Spending Account, sponsored by your employer and administrated by PayFlex.
The Limited Purpose Flexible Spending Account or LPFSA - allows you to contribute pretax dollars to pay for certain eligible health care expenses. Limited Purpose Flexible Spending Account funds can be used to pay for dental and vision expenses.
Here’s how it works…
When enrolling in your benefits for the new plan year, estimate the amount you’ll need to pay for eligible dental and vision expenses.
Estimate your contribution carefully, as unused funds might be lost unless your employer offers a carryover option. If offered by your employer, this feature would allow up to $500 of unused Limited Purpose Flexible Spending Account funds to carryover to the next plan year. Check your plan details to be sure.
Based on your estimate, make an annual pretax contribution election to your Limited Purpose Flexible Spending Account.
Then, throughout the year use your Limited Purpose Flexible Spending Account to pay for eligible expenses for you, your spouse and any eligible dependents.
For added convenience, your employer can chose to offer a PayFlex debit card which allows you to access your Limited Purpose Flexible Spending Account funds and immediately pay for eligible expenses at qualified merchants where MasterCard is accepted.
And you can access your account virtually anytime, anywhere through our dynamic website or with our innovative PayFlex Mobile App that brings the website and all of its functionality to your fingertips.
Take advantage of your company’s Limited Purpose Flexible Spending Account and start saving.
This has been a brief summary of a Limited Purpose Flexible Spending Account.
For more information refer to your benefit plan materials.
Narrator - When it comes to setting aside money to pay for out-of-pocket health care expenses, you have a choice… a Flexible Spending Account or a Health Savings Account. Both options can be sponsored by your employer and may be administered by PayFlex.
The accounts are similar in some ways and different in others.
Both allow you to set aside pre-tax dollars each plan year to pay for eligible health care expenses.
Because you don’t pay taxes on this money, this can mean savings for you.
They both allow you to pay for out-of-pocket medical expenses during the plan year.
An important difference between an FSA and an HSA is whether you spend during the plan year or choose to save for the future.
The FSA is a spending account. You’re expected to spend the money you have set aside within the plan year.
FSA funds are “use it or lose it”. They do not roll over at the end of the plan year and would be forfeited.
On the other hand, the HSA is a savings account. You have the choice to save that money until you need it.
HSA funds roll over from year to year and earn interest.
Another important difference is that you have the opportunity to invest the money in your HSA.
HSA funds can be invested in various mutual funds, and accumulate tax free for future health care expenses.
To open an HSA, you must be enrolled in a qualified high deductible health plan. With the exception of some preventative services, this plan means you pay for medical expenses out of pocket until your deductible is met.
If your employer allows, an FSA can be combined with an HSA, provided that the FSA is used for only dental and vision expenses.
This has been a brief summary of FSA’s and HSA’s.
Consider your options carefully and make the choice that’s right for you.
