Overview


A great way to lower your taxable income and pay for various expenses is to enroll in and contribute to a tax advantage account. When you pay for expenses on a pre-tax basis, your taxable income is lower and you will pay less in taxes at the end of the year. If you expect to have any out-of-pocket health care or day care expenses during the plan year, you will want to consider putting money into a tax-advantage account.

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How to Access Your Funds

  • Debit Card: (Healthcare FSA, Limited Purpose FSA and HSA) PayFlex will issue a MasterCard debit card. You can use your debit card for expenses at most pharmacies and physician offices.

  • Online Banking: PayFlex offers online banking features for participants.

 

Other Resources

  • IRS publications 969 and 502.

 

Important Tax Information

  • If you are reimbursed for an expense from a Tax Advantage Account, you cannot claim that expense as a deduction on your federal income tax return.
  • Some states do not recognize contributions as pre-tax. If you live in those states, you will be subject to state tax on your contributions, though you will not be subject to federal income tax.
  • Keep all receipts for expenses because substantiation (proof that expense is an eligible expense according to the IRS) is required by our vendor, PayFlex and the IRS.

 

 

 

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