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Flex Your Know-How: Use FSAs to the Max

If you’re participating in a Flexible Spending Account (FSA), you already know it’s a great way to save money.

  • You contribute to one or both FSAs with tax-free money through convenient paycheck deductions.
  • You are reimbursed for eligible expenses with money from your FSA, so you avoid paying taxes on money you spend on everyday health care and day care expenses.

Here’s how to get the most value from an FSA with the least amount of time, effort and money!

It’s Kind of Like a Sale

Your contributions to an FSA are made with tax-free money. And when you have an eligible expense, you are reimbursed with tax-free money from your account. Depending on your tax bracket, FSAs could save you 15%, 20% or more in income taxes on the money you spend on everyday health care and day care expenses. It’s like buying these items on sale!

No Claim Forms

Sign up for automatic claim filing and most of your out-of-pocket health care expenses are paid automatically from your Healthcare FSA. To sign up, complete the FSA Auto Reimbursement Authorization Form.

Check Out Play Flex

Log onto www.mypayflex.com (first time users need to register) to view your FSA balances and claims information. You can also download forms, submit claims for reimbursement and more.

Make It Mobile!

Download a mobile app on your smartphone and look for the free “PayFlex Mobile” app. Take paperless to the next level by taking a picture of your receipt with your camera and uploading it to the PayFlex site (www.mypayflex.com).

Know This!

  • You can get help estimating how much to contribute to your FSA with the tools on Your Benefits Resources™ (YBR). Visit YBR to check out the Healthcare FSA Estimator and Day Care FSA Estimator.
  • You have more money than you thought! With your Healthcare FSA, you can be reimbursed up to your total annual contribution amount, even if your account balance is less than that amount. You can’t be reimbursed more than your total plan year contribution amount, but you can have a negative balance until your contributions catch up with your Healthcare FSA reimbursements. (With the Day Care FSA, you can only be reimbursed up to the amount you actually have in your account.)
  • You can learn more. For a list of the most common eligible expenses and more details, explore the Healthcare FSA and the Day Care FSA pages.