payflex.comPretax Accounts & Benefits | PayFlex

Pretax Accounts & Benefits | PayFlexCOVID-19 Support Individual Employer/Broker COVID-19 Support Search search clear SIGN IN Individual Employer/Broker Menu Mobile menu for the website.Close SIGN IN Individual Employer/Brokerfor location Uniquely personal benefits solutions WHO ARE YOU? AN INDIVIDUAL AN EMPLOYER/BROKER INDIVIDUALS • EMPLOYERS / BROKERS Why choose PayFlex It’s never been easier to plan, save, and pay for personal well-being. With PayFlex, you get more value — plus savings, simplicity and convenience. Plan Our tools can help you decide how much to contribute and estimate your savings. And for health savings accounts (HSAs), you can see the power of investing. Save Your accounts don’t just provide tax savings. You can also get exclusive discounts on many health care items through CVS Pharmacy ® online, in the app or in the store. footnote 1 Pay At PayFlex, we go beyond traditional health care accounts. Employer-sponsored incentives and rewards help boost household budgets with more ways to pay for eligible products and services. INDIVIDUALS Add up your tax savings 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 footnote 2 . Total yearly eligible health care expenses † Average tax rate 21% CLEAR CALCULATE Potential tax savings 3 footnote † For best estimate, enter an amount less than or equal to the pretax contribution limit: Health Care FSA : $2,750; HSA : $3,550 (individual coverage) and $7,100 (family coverage); Age 55 or older: You may contribute an additional $1,000 to your HSA. COMMON ELIGIBLE HEALTH CARE EXPENSES Tax-free spending on eligible health care expenses 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. FIND OUT IF AN EXPENSE IS ELIGIBLE SEARCH FOR A SPECIFIC ITEM OR SERVICE Showing results for " " VIEW LIST BY ELIGIBILITY CATEGORY Eligible Required (Letter of Medical Necessity required) Ineligible Eligible Required Ineligible footnote 1 Promotional offers, available in-store at CVS Pharmacy or online at CVS.com for eligible PayFlex HSA/FSA members. footnote 2 You’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 footnote 3 Savings 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. Careers Leadership News & Events Partners Contact us 1-844-PAYFLEX (1-844-729-3539) (TTY: 711) Monday through Friday, 7 AM to 7 PM (CT) Saturday, 9 AM to 2 PM (CT) ©2020 PayFlex Systems USA, Inc. All Rights Reserved. Terms of use Legal notices Accessibility services Privacy Nondiscrimination...